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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 international sources.
"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 Zealand economy."
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 Government.
"...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