27 Jun 2014

Team NZ confirms America's Cup challenge

11:40 am on 27 June 2014

The team's chairman Keith Turner says they've secured sufficient private and sponsorship funding to proceed to the next stage without needing more money from the government.

Team New Zealand confirm another America's Cup bid.

Team New Zealand confirm another America's Cup bid. Photo: Mathew Sumner / AFP

Turner says financial assistance from Sir Stephen Tindall, Matteo de Nora and other private donors means they are funded through to late this year.

The chief executive Grant Dalton says the money means they can continue the design and engineering development and keep racing until they get main sponsorship funds.

Dalton says amendments to the protocol for the regatta have already removed some of the more contentious issues and he expects more amendments to follow.

Entries for the 35th America's Cup close on August 8th.