No money for Team NZ

The Herald reports:

The future of Team New Zealand is looking grim after the announcement today that there will be no America’s Cup pre-regatta for Auckland. …

“I think we’re at the end of the road really,” the Prime Minister said.

“Of course Steven Joyce will continue to have discussions with Grant Dalton, but the government’s position has been pretty clear.

“With the event being held 100 percent in Bermuda, that becomes a really challenging issue to go beyond the $5 million we’ve already put in.”

I’m glad there will be no further taxpayer money. I hope Team NZ get enough private sponsors to continue, but I don’t think there was a case for more Government funding.