KEY POINTS:
A Monaco-based entrepreneur is among a small group of wealthy businessmen reported to be supporting Team New Zealand's challenge for yachting's America's Cup.
Italian Matteo de Nora, the first of the group to reveal himself, has backed the syndicate to the tune of $20 million, the Sunday Star Times reported today.
De Nora has been involved in previous New Zealand campaigns on a smaller scale, including the failed defence in Auckland four years ago.
"But the moment I saw the mast snap in 2003, I knew I was going to get involved more," he said.
"It broke my heart."
De Nora said modestly that he owned an engineering firm selling batteries but the Star Times said he hailed from one of Italy's richest families and appeared to live a playboy lifestyle in Monte Carlo.
About five years ago, he bought a 34m super yacht built by west Auckland boat builder Alloy in 1993 and it was fitted out by North Sails and Southern Spars.
He also owns a 500ha property in the Bay of Islands worth $13.5m and is the director of a New Zealand-registered company with overseas shareholders.
After a $34m Government contribution and sponsors such as international airline Emirates joined the campaign, Team NZ was understood to be still $40m short of its $120m budget.
Syndicate boss Grant Dalton said of the network of millionaire backers: "Without them, we would not have a challenge -- it's as simple as that."
- NZPA
