Photo: RNZThe government agency investigating the use of public money for the America's Cup has suspended all further payments to its events arm. In a statement, Ministry of Business, Innovation and Employment (MBIE) tourism general manager Iain Cossar said: "While Crown and Council work through this process regarding the claims made relating to the organisation of the 36th America's Cup, we are not intending to make further payments to America's Cup Events Limited (ACE). The government and Auckland Council have pitched in with almost $250m of funding for next year's America's Cup. Team New Zealand is also defending the use of $3m it says it got directly from MBIE. There had been an unrelated discussion about the prospect of a loan from ACE to Team New Zealand, to alleviate cashflow but it never happened, it said.

Source: Otago Daily Times July 02, 2020 04:41 UTC