Bermuda Cup Venue Reduces Team NZ’s Budget
Bermuda being selected as the venue for the next America’s Cup had a “serious impact” on the New Zealand team’s finances and sponsorship funding, reducing the budget by some $20 million and each team member has “taken a significant pay cut” the team said.
This came as the New Zealand team announced it had completed the restructuring process that came out of the team-wide review after the 2013 America’s Cup, and Dean Barker will no longer be at the helm for the team.
Team New Zealand on day eight of 2013 America’s Cup, photo by Chris Cameron
According to a report from the New Zealand press, Mr Barker said he is “absolutely gutted in the way that I’ve been treated by Team New Zealand and the management in this whole process.”
“Through a leak to the media I found out that I’d been dumped as the sailing director of Team New Zealand and today I learnt through the media that was in fact the case,” Mr. Barker said.
“An hour ago I read the media release from Team New Zealand so I need some time to assess what my options are. But now I know I have been dumped from the sailing director role, I have to seriously consider what my options are.”
As it pertains to Bermuda, the team’s media release said, “It should be noted that the announcement of Bermuda as the venue for the next America’s Cup series had a serious impact on the team’s finances and sponsorship funding, reducing the budget by some $20 million.
“This meant the team has had to reduce its remuneration budget and each team member has, as a result, taken a significant pay cut.
“Additionally several million dollars has been axed from the operations budget leading to the scrapping of one of the foiling AC45s that we had planned and, consequently, the elimination of one of the planned helmsman positions.”
In-spite of the cuts / adjustments having to be made by team New Zealand if they wish to continue with competing in the up-coming Americas Cup I’m happy to hear they’ll still be coming to Bermuda…
Don’t worry our $77 Million would cover you.
Given that Dennis Conner declined the opportunity to spearhead a Bermudian entry, perhaps Dean Barker would like to take the helm instead?
Highly doubt it. Honestly we are not in a position financially and competitively to consider competing in this event. Especially considering most of our talented sailors are away in school right now.
I’m just asking but I can’t even name a Bermudian sailor other than Peter Bromby and Warren Brown. Who else is there?
Malcolm Smith is a several times World Champion Sunfish sailor.
Bermuda is not a World Champion in many things, but sailing is one of them.
Agreed, I forgot about Malcolm. The issue isn’t so much on the talent side, even though ours sailors aren’t quite at the level as most of those currently competing in the cup, but in the financial side.
Don’t forget Paula Lewin, she’s earned many great accolades during her career.
Stevie Dickison, Kirkland Brothers, and bunch of youth sailors who have performed well at international regattas in the past. But like I said before most of them are away in school or not longer compete at the level they used to due to the lack of structure currently in the sport post the optimist stage, at least on island. Some of the youth that go away to college in the states still perform well in their college teams.
Lance Fraser, who once forced Ben Ainslie into a penalty during the Argo racing.
Also at least $75 million… plus finding a world class crew… and judging by reports of a grinder getting 25K a month how much for the tactician and helmsman…. way way out of our league. .that’s way it’s a billionares game…
Maybe Peter Bromby would helm a Bermuda syndicate, he is a good sailor.
U want me laugh or cry? Or both