Our View: $36m for cup bid is risky

There are likely to be more than a few raised eyebrows at the decision by the Government to once again provide financial backing to Team New Zealand's efforts to win the America's Cup, this time with a $36 million donation.
The tune being sung by the powerbrokers in Wellington has, for some time, been as consistent as it has been unpalatable for many - times are tough, we need to tighten our belts, and the Government is leading the way.
This has been borne out in further cuts to the public sector and promises of an upcoming budget that will offer little for those already contemplating a long, cold winter. Therefore, the decision to once again chuck public money in behind Team New Zealand will understandably rankle with some.
Questioning government funds for Team New Zealand will be seen in some quarters as a form of treachery, an abandonment of patriotic principles.
However, the fact that the Team New Zealand bid would probably founder without government support should in no way come into consideration when deciding whether funding an entry in an overseas yachting regatta is a wise investment of taxpayers' money during a time of global economic struggles.
Putting aside the fact that almost all New Zealanders will undoubtedly want Team New Zealand to succeed when the 2013 America's Cup regatta is held in California, it doesn't change the fact that there must surely be greater priorities.
But the Government has been canny, and has taken a buck each way - in announcing the decision to back Team New Zealand, acting Economic Development Minister David Carter was quick to explain the potential economic benefits in supporting the America's Cup bid.
At the same time, he pointed out that the current regime was locked into a commitment made by "the previous government" to contribute up to $36 million to support the bid.
Unfortunately for the sport of yachting, this latest decision will only serve to reinforce the notion that the America's Cup is a rich man's sport, a pastime for the elite, and one ill-suited to Joe Public.
Counting in the Government's favour is the fact the halcyon days of New Zealand's America's Cup dominance are long gone - the exploits of Sir Peter Blake and Sir Russell Coutts, complete with a public fascination with red socks, have already become the stuff of legend, shrouded in the comforting glow of nostalgia.
Nevertheless, hindsight is a wonderful thing, and if Team New Zealand does manage to win back the America's Cup in 2013, there will be the usual assortment of tickertape parades and knighthoods, and any fiscal concerns will likely be quickly and conveniently forgotten.