Dotcom in surprise NZ funds offer

Source: AFP | September 28, 2013, Saturday |

Print Edition

Emirates Team New Zealand — facing a struggle to stay afloat after its epic failure in the America’s Cup — was offered an unlikely financial lifeline yesterday from Internet mogul Kim Dotcom.

The team faces the prospect of losing its public funding in the wake of this week’s loss to Oracle Team USA, when it squandered an 8-1 lead to lose the regatta 8-9 in a result that has been described as one of the biggest chokes in sporting history.

With Prime Minister John Key refusing to guarantee that the government will repeat the NZ$36 million (US$30 million) contribution it made to the team’s San Francisco campaign, Dotcom said he was ready to step into the breach.

“Prime Minister John Key says no more funding for Team NZ? I say #Mega will become a Team NZ sponsor & we will win next time. #AmericasCup,” tweeted the flamboyant businessman, who is on bail in Auckland awaiting an extradition hearing on US charges of online piracy.

Dotcom’s offer may have been tongue-in-cheek, as he estimates his legal bills will top US$50 million, but the chances of the New Zealand taxpayer bankrolling another tilt at sailing’s top prize are equally slim, according to commentators.

The public money was granted on the prospect of New Zealand winning the Cup and receiving a NZ$500 million economic boost when it hosted the next edition of the regatta in Auckland.

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