Created: Wed, 25 Jun 2014 01:15:12 EST
Updated: Wed, 25 Jun 2014 01:15:12 EST
WELLINGTON, New Zealand (AP) — Team New Zealand has confirmed it will challenge for the America's Cup when sailing's oldest trophy is next contested in the United States in 2017.
In a statement Wednesday, Team New Zealand chairman Keith Turner said sufficient private sponsorship had been secured to make possible its pariticpation in the 35th Cup regatta.
The announcement comes little more than a week after TNZ general manager Grant Dalton warned the syndicate might close by the end of June unless it received New Zealand government funding.
The government, which provided $36 million in taxpayer funding to the team's last campaign, refused to inject more until all sponsorship options had been pursued.
New Zealand lost 9-8 to Oracle Team USA after leading 8-1 in the last Cup final in San Francisco last year.