Tuesday, September 18, 2007

Huge payout for Team NZ

Team New Zealand will get more than nine million euro ($18 million) from America's Cup yachting organisers for reaching this year's final in Valencia.
However, Swiss defenders Alinghi will obtain the lion's share of the profits from the event, with their cut being almost 30m euro ($60 million).
AC Management (ACM), the entity set up by Alinghi to run the cup, said the regatta and the leadup events over the previous three years generated a net surplus of 66.5m euro.
The surplus, from total revenue of 240m euro, came mostly from the city bid and a four-year sponsorship programme.
Under the protocol for the event, 10 per cent of the surplus would go to ACM, 45 per cent to Alinghi and 45 per cent to the challenging teams.
The allocation of the challengers' funds was based on how far each syndicate went in the competition, with the lowest payout being more than one million euro.
While the distribution date in the protocol was next March, ACM said it accelerated the closing of the accounts to allow teams to use the money to prepare for the next cup regatta in Valencia.
Alinghi have so far accepted five challenges for 2009 -- from Desafio Espanol (Spain), Shosholoza (South Africa), Team Origin (Britain), Team Germany and Team NZ.
The next cup match will be sailed in a new, larger class of boat, and Alinghi and the five challenging syndicates met in Valencia last weekend for the first design consultation meeting.
The next meeting is scheduled for October 15.- NZPA