Yachting: Funding confirmed for Team NZ

Sir Stephen Tindall has confirmed they will make it to at least January. Photo / NZ Herald
Sir Stephen Tindall has confirmed they will make it to at least January. Photo / NZ Herald

Relief for sailing fans, as it's confirmed Team New Zealand will have the money to survive to the end of the year.

A week ago, syndicate head Grant Dalton claimed the team was running low on cash, and would need government funding to survive past this month.

But director Sir Stephen Tindall has confirmed they will make it to at least January.

"We've got enough money to get through to the end of the year, we're getting more and more comfortable that we are going to be able to get through and we haven't made any decision on when any announcements would be made."

There's speculation the team will make an official announcement sometime next week.

Read the Herald's exclusive: Team NZ chief's $2m salary

However, questions have been asked about where the team is spending the cash.

It's emerged today that syndicate head Grant Dalton received a salary of $2 million last year.

Just a week ago, Dalton claimed cash could run dry by the end of the month.

Former tactician Brad Butterworth has revealed he put forward a plan for the team, but was rejected.

He told Tony Veitch a change in leadership would probably be needed for the team going forward.

Butterworth says it would change them from being the bridesmaid, to being the bride.

However the former Team New Zealand tactician is under fire, for not understanding the syndicate's financial constraints.

Sir Stephen told Tony Veitch other than his time with them, Butterworth's sailed with wealthy, private syndicates.

"He's worked for these mega-wealthy people who have provided his funding so he's been able to just look after the sailing side of things without having to be commercial and raise funding as well."

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