Taxpayers save $100 million

Stuff reports:

The Government and Auckland Council have confirmed no deal has been reached to host the 37th America’s Cup in Auckland, and a “cash and kind” offer of $99 million has lapsed.

The confirmation comes a day before the end of the three-month period in which the two parties have exclusive rights to negotiate a hosting deal with the cup holder, Team New Zealand.

The news makes it more likely the next defence will be sailed overseas but does not preclude Auckland hosting an event as part of a wider overseas deal.

Good. It would have been outrageous spending $100 million on this.

If Team New Zealand want to defend it overseas, that’s up to them. Of course far fewer Kiwis will back them, or feel emotionally attached to the team, but that is their decision to make.