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America's Cup teams dig deep

Team New Zealand will defend the Cup early next year

AUCKLAND, New Zealand -- As preparations for the America's Cup get under way, the challengers are digging deep into their pockets to try and wrestle the trophy away from Team New Zealand.

The challengers will spend more than half a billion dollars in the head-to-head battle for yachting's most prestigious prize scheduled for early next year.

Alinghi and Prada will spend nearly $60 million (£40 million) each, making the $30 million budget of Team New Zealand (TNZ) look puny.

The cash being spent by TNZ's rivals has also lured key personnel away from the defending champions.

Dean Barker, a remaining TNZ team member and recently appointed skipper, told CNN: "We are certainly viewing this as a much bigger hurdle than ever before. Just look at the size of the challengers and the backers that are involved, the money that has been pumped into the event.

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"We know that we have a huge job ahead of us. We have a great structure in place. We have a lot of good people in every area, so we are pretty sound. But in terms of actually being able to go out there and win it again is going to be very difficult."

The consequences of losing the Cup would not only affect sailing in New Zealand, but it would also have a major impact on the country's economy.

New Zealand has gained some $800 million in revenues from the America's Cup in tourism and the harbour has been completely redeveloped.

Losing the title could also mean New Zealand would not participate in the next America's Cup tournament.

Manager Tom Schnackenberg told CNN: "I think if we were not to win the Cup, conceivably we would have no right to be guaranteed a strong challenge for the next Cup. The New Zealand economy may not be able to afford a challenge, depending on where the Cup was to go.

"We just assume that if we lost the Cup, it would be game over. We are carrying the hopes and aspirations of the country."

Qualifying races for the tournament begin in October. Team New Zealand will defend the Cup against the Louis Vuitton Cup winner in February.