America's Cup was 'huge achievement' despite $156m loss: Team NZ's Grant Dalton

Source: 1News

Team New Zealand boss Grant Dalton has praised the organisation's "huge achievement" following the release of an evaluation report revealing New Zealand made a $156 million loss hosting the 36th America's Cup earlier this year.

The Team NZ boss's comments came with less than 48 hours until the Government’s exclusive negotiation period expires, with Dalton saying the two parties were "a distance apart".

New Zealand got back just 48 cents for every dollar spent on the event, according to a number of reports by the Ministry of Business, Innovation and Employment (MBIE) and Auckland Council.

The cost-benefit analysis (CBA) shows the event was significantly impacted by Covid-19, and by having less than the forecasted number of challengers.

Team New Zealand retained the Auld Mug after defeating Luna Rossa in the America's Cup series in March.

CBA identified costs of $744.2m and benefits of $588.2m for New Zealand, a net cost of $156.1m and a benefit-cost ratio of 0.79 for both financial and non-financial impacts.

"When considering financial returns only, New Zealand got 48 cents back for every dollar put in," the report read.

Team NZ celebrate their win in the America's Cup.

Cost-benefit analysis for Auckland shows a ratio of .85, meaning for every dollar put in, Auckland got 85 cents back.

Dalton told 1 NEWS in a statement that Team NZ was "really pleased".

"To have a cost-benefit ratio of 0.85 for Auckland on an event that was massively compromised because of Covid-19 and the closed borders to international visitors, international media and superyachts," he said.

"Certainly the world changed significantly since we won the America’s Cup in 2017, and essentially the entire organisation of the event was flipped on its head one year out so even just the fact we managed to achieve putting on a successful major global sporting event in Auckland, while the majority of the world was locked down, was a huge achievement."