Yachties raise glasses to sponsors' largess

By DITA DE BONI

It was cheers and hearty self-congratulations all round when the "family of five" America's Cup sponsors publicly pledged their support for the 2003 challenge yesterday at Team New Zealand headquarters.

Team members mingled with a full crowd of the corporate and political elite in new, muted grey-toned shirts that prominently displayed the names of sponsors Telecom, Lion Nathan (Steinlager), TV One, Lotto and Toyota, which have once more signed up to align themselves with the glamour that goes with the world-famous yachting series.

Sponsorship costs are believed to be as high as $85 million to fund Team NZ's 2003 campaign - up about 80 per cent.

It is understood that Team NZ asked each "family" member for around $7 million.

But a source confirmed that existing sponsors would not be paying much more than they had last time - a figure pegged at around $5 million - leaving a question mark as to who might be picking up the sponsorship slack.

Team NZ general manager Ross Blackman confirmed that it was in talks with other corporates, which will make up the so-called "second family of five" - sponsors which will support events surrounding the racing.

Air NZ and Fuji Xerox are among the firms being wooed.

Contracts have not been drawn up between the sponsoring parties yet, but the "family" will be able to milk their involvement with the challenge immediately.

Prime Minister Helen Clark kicked off the congratulations with a reminder of the 2000 challenge's $640 million economic impact.

Herald Online feature: America's Cup