The usual suspects have already started bleating about how we shouldn't be funding a rich man's sport.
These negative, unpatriotic, success-despising ninnies are wasting their breath. Because, although it's true that the men behind the America's Cup yachts include some of the world's wealthiest people, they didn't get where they are today by refusing a Government handout whenever there was one going.
But let's indulge the critics before dismissing them with a sneer and the accusation that they hate success.
Why, they snivel, should the wealthy few be subsidised when charities such as the Cancer Society face having to pay a new charge of about $6 a person for police to check volunteers wanting to help their groups?
The answer is simple: because those police checks don't amount to nearly enough money to make themselves interesting.
Also: yacht racing, cool; cancer, bit of a downer.
Regatta after regatta Team New Zealand has come to the Government's door, vicuna-lined cashmere cap in hand, begging for tens of millions of dollars to help them stay afloat.
Some have called for an end to this cycle of dependence - a short sharp shock that would force the racers to sink or swim using their own money.
No one values something if it's just given to them, say they. Better for their self esteem if they have to work for what they get.
But you will struggle to find National or Labour politicians willing to take this drastic step. Labour leader Andrew Little even managed to have his cake and eat it too, tossing about the rich-man's-sport slur, while agreeing his party would probably also have given Team New Zealand a handout rather than a handbrake.
And let's not forget the main event will still be held in the Bermuda. We will be hosting the baby America's Cup - the America's Tommee Tippee Cup.
The "gotcha" of the Government-funding argument is that the event brings in more than it costs us.
Trevor Mallard reached back in his memory to his days of relevance as Labour Sports Minister and said the Government had earned more in income tax and GST than it contributed in direct funding last time. This is absolutely true.
However, it ignores the fact that even without a Government contribution there would have been a significant increase in income tax and GST from activity surrounding races being held here.
In other words - you don't need investment to get a benefit. It could really be a case of money for nothing. It will almost certainly be a case of money for many millions.
