Sunday, Apr 26, 2015Sunday, Apr 26, 2015

Sailing: Team New Zealand in cash crisis

Published on Jun 13, 2014 4:55 PM

WELLINGTON (AFP) - Team New Zealand's America's Cup future was in jeopardy on Friday, as they pleaded for an urgent government cash injection to keep them afloat.

However, the government was not immediately forthcoming with Economic Development Minister Steven Joyce saying he wanted to see the team's sponsors front up first.

"My preference is that they get some actual cash from their commercial sponsors because this can't be a government-funded challenge," he told Television New Zealand.

Team New Zealand has been one of the leading contenders in yachting's most prestigious event in recent decades, winning in 1995 and 2000, and the beaten finalist in the three of the four regattas since.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!