Cup budget on course

By HELEN TUNNAH

Team New Zealand has more than 95 per cent of its budget secured for defending the America's Cup next year.

Chief executive Ross Blackman said yesterday that the syndicate still had to raise about 4 per cent of the money needed for the defence, but he was sure all the necessary funds would be found.

The size of the budget has never been revealed, but it is thought to be at least $80 million - twice that of the last campaign.

The syndicate received a potentially million-dollar boost yesterday when real estate company Bayleys announced it would run an on-line fundraising auction.

Bayleys managing director Jeff Davidson said he was optimistic the auction could raise $1 million for Team New Zealand.

The public will be able to bid for up to 2000 items through the internet with the non-reserve auction beginning mid-September and closing October 18, and all proceeds going to Team New Zealand.

Bayleys will absorb any administration costs. Goods already donated include a United States holiday and a Lexus car.

Team New Zealand has been trying to pull its final finances together over recent months, including the several million dollars needed for America's Cup 2003, the arm of the syndicate that manages, promotes and runs the cup.

Mr Blackman said yesterday that Team New Zealand was close to securing all the money needed.

"We have to believe and we do believe we are going to get the funding."

Team New Zealand's two boats are being built. Mr Blackman said the first would be launched late next month.

He said he expected both to be "frighteningly fast".

Team New Zealand will defend the cup, against the winner of the Louis Vuitton series, from mid-February. The challengers begin racing on October 1.

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