Team NZ ready for Valencia

9 Jun, 2004 07:57 PM2 mins to read

By JULIE ASH

Team New Zealand are on the verge of confirming their challenge for the 2007 America's Cup in Valencia.

It is believed the syndicate is about to sign a deal with a major sponsor and an announcement could be made as early as next week.

Last night, Team New Zealand would not confirm that a sponsorship deal was about to be announced, maintaining their stance of not discussing financial affairs.

But Britain's Daily Telegraph also reported overnight that the syndicate may announce the challenge as early as Saturday.

The newspaper said a $35 million deal with Emirates Airlines was being "widely talked about".

Team New Zealand managing director Grant Dalton said in March that the team had enough money to challenge for the cup but would not go unless they had sufficient funds to bring the trophy back.

He also said they hoped to secure a major sponsor and two elite sponsors.

Since then it has been widely reported that the syndicate has been talking with Emirates representatives.

Team New Zealand have a projected budget of about $150 million. The Government will give about $30 million provided the syndicate can come up with at least $60 million.

Although they have yet to confirm their challenge, Team New Zealand have an extensive programme mapped out for next year, paid for by private benefactors and past sponsors such as Toyota, Telecom, ASB, Xerox and Air NZ.

On Friday, their race boat NZL82 was back on the Hauraki Gulf for the first time since last year's disastrous America's Cup.

The boat will be tested over the next month before being shipped to Europe on July 7 in preparation for the America's Cup-class regattas that start in France in September.

Dalton also said in March that they had 60 people contracted. Over half were new signings. The 22-member design team was also complete and had started work.

The Daily Telegraph reported that British double Olympic medallist Ben Ainslie and former Stars and Stripes tactician Terry Hutchinson are expected to be named as senior sailors.