Emirates comes on board Team NZ in bid for auld mug

4.00pm

Team New Zealand today confirmed they would challenge for the America's Cup in Spain in 2007, with Emirates Airline coming on board as their lead sponsor.

The Dubai-based airline, which began services to New Zealand last year, will have naming rights to the syndicate's campaign in Valencia.

Toyota New Zealand, which has been involved in four previous cup regattas, will be back as one of two second-tier "elite" sponsors. Team NZ have yet to name the other.

The Government will provide $33.75 million as an investment to get trade and tourism spin-offs from the cup and from lead-up regattas in Europe over the next three years.

The amount of money Emirates and Toyota NZ will be putting in has not been revealed.

However, Team NZ managing director Grant Dalton said the syndicate were now close to their full budget.

Dalton did not say what the budget was, although it is generally accepted that teams need at least US$80 million ($128 million) to run a serious campaign.

"We have set a number and we are at 85 per cent of that number," he said.

"Over the next year we will try to mop that up."

Team NZ began planning for a challenge shortly after losing the Auld Mug to Swiss rivals Alinghi off Auckland in March last year.

The following month they named Dalton as their new head.

The former round-the-world sailor had previously said Team NZ would not go to Valencia unless they had enough funds to mount a campaign capable of winning back the cup.

Dalton admitted today that, at times, "I wondered whether this day would actually ever come".

He believed the decision to start planning more than a year ago meant Team NZ had not lost any time against rival syndicates like Alinghi and Oracle, which were also up and running.

Team NZ, who are representing the Royal New Zealand Yacht Squadron, would sail in all the lead-up regattas from now until the cup, beginning with one in September.

The first of their two new boats was scheduled to be launched by November next year.

About 70 people had been signed on by the syndicate, who were expected to be 90-strong when at full strength.

With Team NZ having a nightmare with serious gear failure on the way to their 5-0 whitewash by Alinghi, Dalton promised that the boat programme and testing would be more rigorous.

In the sailing team, led by skipper Dean Barker, those in the afterguard would include British Olympic Laser gold medallist Ben Ainslie and American Kevin Hall.

Barker, Ainslie and Hall will have divided loyalties between now and August, when they will sail against one another in the Finn dinghy event at the Athens Olympics.

Former America's Cup skipper and Olympic champion Rod Davis would be the afterguard coach.

Emirates is already involved in a number of sport sponsorships.

They include the 2006 soccer World Cup, Chelsea soccer club, various rugby sevens events, international cricket's umpiring panel and the New Zealand Open golf tournament.

President Tim Clark said his company was expanding rapidly into new markets and its association with Team NZ and the America's Cup would raise its profile.

Emirates flies three times daily from Auckland to Australia and beyond, and plans to start services from Christchurch next month.

Team NZ's boats will be painted in the airline's red as well as New Zealand's traditional colours of black and silver.

- NZPA