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Steeped in history and tradition who would have thought one could win and sell the rights to host the prestigious event. Money talks and can buy you almost anything.
Team New Zealand are the defending champions of the Americas Cup and the reason why the event is being held in Auckland ,New Zealand. The winner gets the honor of hosting the race at home wherever that might be plus also choosing what boat will be raced along with most of the rules.
This may all change though if New Zealand defends it's title over the next month as they have been busy hatching a master plan. We have to go back to 2001 to understand the thought process behind this. Swiss billionaire Ernesto Bertarelli employed the services of the core of the New Zealand team to race his boat Alinghi which they won in 2003 and 2007.
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The hands on billionaire not only competed in the race as part of the crew but shared the profits from the event with the other teams.
Bertarelli’s event company made a substantial profit taking the America's Cup to Europe for the first time. What team New Zealand are suggesting and have already started canvassing 10 major cities is that Team New Zealand sell the rights they own for hosting the event. They have to win the current event for this plan to work mind you which should be tough ,but obviously they have confidence in their abilities.
The thought behind it is they will be able to fund the defence of the challenge not necessarily relying just on sponsors alone. This could and will most likely see a name change with the hosting country but only on paper as it would still be the New Zealanders trophy and right to choose the next venue if that was won as well.
What this team has done is turned their crew into a business for hire and not exactly what the Americas Cup was originally intended for. The team has given the New Zealand Government first options to bid for a home defence if they win next month, but the price has to be right otherwise the racing will be going elsewhere. I can see places with money like Dubai drooling at the opportunity this might bring. Not only the money it will generate, but having the American Trophy come to their shores. This would be kind of priceless and bragging rights for a middle eastern country. My guess is the New Zealand government wouldn't be able to match that offer and the next race will be heading that way if the New Zealand crew wins.
Auckland invested over $250 Million for this title defence as a city and expected around $1 Billion in return ,but covid messed that one up and they should break even. A team needs about $100 million to build a boat and prepare for the event so selling the team could be a profitable way of moving forward, just not very sporting. If the team moved to another venue they will most likely alienate all the New Zealand support in the process. This on the other hand is also about securing jobs for the team when we live in uncertain times so a tricky one either way you look at it.