America's Cup 2021: Team New Zealand funding row ends with MBIE apology

  • 22/12/2020

A dispute between Team New Zealand and the Ministry of Business, Innovation, and Employment has come to a sudden end.

On Tuesday, the MBIE agreed that a $3 million payment to the team by its event arm was made in good faith.

The row dates back to July 2019, after an audit of how America's Cup Event Limited (ACE) had spent MBIE's contribution to the event.

ACE claimed their $3m had contributed to developing Team NZ's cutting-edge AC75 monohull class, which MBIE rejected.

"MBIE accepts that expenditure incurred to date under the HVA (Host Venue Agreement) has been incurred in good faith," it said.

"MBIE is satisfied that event investment in relation to the Crown’s contribution has been or will be properly incurred by ACE."

The agreement brings closure to the outstanding disputes involving all three parties.

"We regret the manner in which this issue has played out in the public arena and the detrimental reputational impact of the process on ETNZ and ACE, its directors and the teams.

"The parties have all agreed that there was reasonable basis for the differing views held to date."