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Team NZ face cup race shortfall

Team New Zealand will defend the America's Cup in February 2003

AUCKLAND, New Zealand -- Team New Zealand is $4.6 million short of its budget to hold the America's Cup, according to media reports.

The shortfall was detailed in an Auckland City Council agenda document after Team New Zealand requested a council grant of $315,000, the New Zealand Herald reported on Thursday.

Team New Zealand, who will defend the cup in February 2003, asked the city council for the one-off grant to help run the race itself.

The Auckland City Council's finance committee on Wednesday voted 6-3 to make the grant to Team NZ Ltd, with a final decision to be made at Thursday's full council meeting.

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Team NZ chief executive Ross Blackman would not discuss financial details or confirm the size of the shortfall, the New Zealand Herald reported. CNN was unable to contact Team NZ or the Auckland City Council.

However, Blackman did confirm that most of the money still needed was for the company America's Cup 2003. It runs the cup match itself, which begins in February and is a best-of-nine series between Team NZ and the winner of the challengers' regatta.

AC2003's costs include promoting the match, and the management and staffing of it.

Despite the tough international sponsorship market, which had become more difficult since events such as the terrorist attacks of September 11, Blackman was confident of gaining the funding.

"We've just found that it is more difficult so far to fund the event, but the good news is we still have eight months to secure the funding," he told the Herald.

For the 2000 cup, the company had five sponsors, but just two, Air New Zealand and Fuji-Xerox, have re-signed.

Team NZ Ltd has a separate group of sponsors for the defence, German technology company SAP, Telecom, Steinlager, Lotto and Toyota.

An economic study completed for the New Zealand government put the benefits to Auckland of hosting the last regatta at $229 million, and $310 million to New Zealand.