Taxpayer funding for America’s Cup should cease

The Herald reports:

Treasury has advised against taxpayer backing for Team New Zealand in the next America’s Cup, labelling it “poor value for money”.

The Government contributed $5 million to Team New Zealand to help retain key staff soon after its 8-9 loss in the 34th Cup in September last year – against Treasury advice – and is considering investing a similar amount to the $36 million contributed last time.

The news that the cup is likely to be in Bermuda, not San Francisco, means that the case for further taxpayer money is even weaker than before.