America’s Cup slipping from Kiwi nation

America’s Cup defender Team New Zealand is shopping the hosting rights for the 37th edition, and the New Zealand Herald reports how the home crowd may not get to see their team defend at home:

The chances of the America’s Cup being defended in New Zealand appear to be slipping, with an offer worth around 100 million NZD (72.5m USD) from the Government and Auckland Council apparently rejected.

A team of negotiators appointed by the Crown have been trying since March to thrash out a deal with Team New Zealand, which beat Luna Rossa to retain the Auld Mug on March 17.

The final race of the 36th America’s Cup kicked off a three-month period of good faith negotiations, during which Auckland had the first right of refusal to host the next match. That window ends on June 17.

The joint bid by the Government and Auckland Council is believed to have been worth around $100m, made up of a mixture of cash and “in kind” support such as the use of land in Auckland’s Viaduct Harbour and other services.

Sources with knowledge of the talks have told the Herald that Team New Zealand informed negotiators in recent days that the bid has been rejected.

Team New Zealand is said to have wanted a package worth in excess of $200m. The board of the syndicate is expected to meet later this week to discuss the matter.

While the negotiation period still has more than a fortnight to run, the source believes the Government has indicated it has tabled its best offer.

Team New Zealand earlier this year confirmed they were considering whether to take the world’s oldest sporting trophy overseas. – Full report