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Team New Zealand will lay off more than half of its support staff

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Despite financial help from the government, Team New Zealand will only be able to maintain 40% of the America's Cup team «» , according to The New Zealand Herald. A total of 110 people have worked for the Kiwis in the 34th edition of the trophy.

It was revealed yesterday that the New Zealand government has thrown some money, $5m, into the bottomless bowl called the 35 America's Cup to retain key personnel. The team wanted $6.5 million. However, without the $5 million received, the syndicate likely did not survive. With little chance of finding commercial sponsors, key details of the 35th America's Cup are still unknown, and they will be made public in the early months of next year.

For this past America's Cup «» the New Zealand government allocated $34 million in budget money, about a third of the total cost. According to Stephen Joyce, Minister of Economic Development, the investment for the next edition is likely to be the same.


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