Team NZ deny challenge cash worries

By JULIE ASH

Team New Zealand are denying suggestions that they are struggling to raise the $150 million needed to challenge for the next America's Cup.

Everything is on track, they say, and plans are being made to ship one of the black boats to Valencia.

Less than six weeks before the March 31 deadline the syndicate set themselves to decide whether a challenge was feasible, the Herald understands they are finding it difficult to sign sponsors. In November, managing director Grant Dalton said he was not far from signing deals for nearly $100 million, but the syndicate will not say whether those deals have been completed.

Dalton has said he would not go ahead unless he had 65 to 70 per cent of the money and knew where the rest was coming from.

After last year's America's Cup loss, SAP and Toyota indicated they would continue their sponsorship.

The Government has pledged $30 million, provided Team NZ can raise $60 million.

Dalton, who has been overseas meeting potential sponsors, was not available for comment yesterday.

But Team New Zealand's operations manager, Kevin Shoebridge, said the syndicate were happy with progress to date.

But he would not comment on the team's financial position.

"It would be foolish of us to say something and jeopardise our position with them [potential sponsors]."

German software giant SAP came on board just 18 months before last year's defence.

Shoebridge said there had been no discussion about extending the March 31 deadline.

"We are in pretty good shape and are where we want to be at this point."

He said work would begin on NZL82, Team New Zealand's race boat in last year's defence, on March 1 in preparation for the first round of America's Cup regattas, which start in Europe in September.

"We are going to start some structural improvements to NZL82. We are also in the next couple of weeks going to start alterations on one of our rigs we will be taking up there.

"We are pretty much getting everything ready to start shipping to Valencia from the end of May."

After the regattas in Europe, Shoebridge said, the team would return to New Zealand to train on the Hauraki Gulf over the summer.