26 Mar 2013

Closer look at Team New Zealand funding

10:41 am on 26 March 2013

Government officials will take a closer look at how Team New Zealand is spending taxpayer money in its preparations for this year's America's Cup yacht racing.

The previous Labour-led government committed a total of $36 million, which has been carried over by National and is being paid out in instalments.

The Sunday Star-Times newspaper has reported that the team failed to provide the quarterly reports required in order to receive payments.

Economic Development Minister Steven Joyce says he believes Team New Zealand got behind in its reporting but is now up to date.

He says its main obligation is to raise two dollars for each dollar of government funding, and he understands that has happened.

He says he's more concerned about a claim from an anonymous source that there is a culture of a lack of accountability and extravagance in Team New Zealand, and he has asked officials to investigate further.

Mr Joyce says so far Team New Zealand has received $14 million.

Green Party co-leader Russel Norman says that if any requirements are not being fulfilled the funding should be suspended.

Team New Zealand has been unavailable for comment.