Taxpayers' $36 million investment in Team New Zealand has
paid off handsomely, according to reports released by
Economic Development Minister Steven Joyce today.
An independent evaluation of the Government's investment in
Emirates Team New Zealand and an evaluation of New Zealand
Trade and Enterprise's leveraging programme in San Francisco,
released today, reveals Team New Zealand (TNZ) obtained 66
per cent of its total revenue of $179.8 million from
"The economic benefit from our investment in Team New Zealand
is considerable," Joyce said.
From a $36 million taxpayer investment, the evaluation shows
an estimated positive impact of $87 million to the New
Of the total $179.8 million in revenue, $153 million or 85
per cent of the total TNZ campaign budget was spent in New
Zealand, a statement from Joyce's office said.
"With New Zealand continually in the international media over
the 55 days of racing, figures show that the tourism,
education and construction sectors, as well as the marine
sector also felt the positive impact of government
investment," Joyce said.
Following the heart-wrenching regatta in San Francisco, the
Government committed to an investment of $5 million to retain
key team members for the next challenge.
A decision on any further government investment will be made
following the delivery of a business case by TNZ to the
"...the Government must have confidence that a strengthened
governance structure has been put in place before it will
consider a further investment of taxpayers' money in another
challenge," Joyce said.
- By Daniel Lynch of the New Zealand Herald