Yachting: Sparc invests $4.1m towards Olympics

Yachting New Zealand will receive $4.1 million funding from Sport and Recreation New Zealand over the next four years in the lead up to the Beijing Olympics.

Yachting NZ is also eligible for a further $850,000 if the sport meets key targets at the Olympic Class ISAF World Championships in 2006, the combined World Championships in 2007, and at the 2008 Beijing Olympic Games.

In addition, Sparc is investing $1.2 million into Yachting NZ's talent development programme.

"Sparc's investment in yachting is aimed at winning medals in Beijing and creating future champions in a sport that has a fine tradition in New Zealand," said Sparc Chief Executive, Nick Hill.

Yachting NZ's high performance plan, which goes through to Beijing 2008, aims to maximise the potential of its elite sailors while building future champions that would be world-class athletes beyond Beijing.

"Yachting New Zealand is greatly encouraged by this support package and by a number of exceptional sailor performances at world championships so far this year," said Yachting NZ Chief Executive, Des Brennan.

"We have a very open partnership with Sparc and common goals, not only in Olympic ambitions, but also to grow and develop our sport. We are on track towards renewed greatness in yachting's Olympic achievement," he said.

New Zealand is ranked in the top five yachting countries based on medal count at past Olympic Games, and is a consistent performer at the ISAF World Championships.

Already in 2005, sailors representing New Zealand in the Yngling and Laser classes have won medals at their respective ISAF World Championships.