America's Cup Events Ltd is a subsidiary of Team New Zealand, set up in 2018 to run the on-water racing, cup village, security and broadcasting for the 36th defence of the Auld Mug.

Part of the Government's $136.5 million contribution towards the cup was a host fee of $40m to Team New Zealand to run the event.

The fee was to cover part of the running costs for the cup with Team New Zealand expected to find sponsorship to top it up.

During negotiations on funding for the Cup, Auckland Council refused to contribute to the hosting fee and left it to the Government to pay.

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A 'hosting fee' has been standard in the America's Cup since 2007 when Alinghi took the Cup to Valencia. Each subsequent Cup has had a hosting fee.

But the council is injecting $113m towards the cup. It is also spending about $100m to spruce up the waterfront in time for the Cup and other events in 2021.

And it is planning to spend a further $20m to support the regatta and other events next year.

America's Cup Events Ltd (ACE) was registered as a company in November 2013 and previously known as America's Cup Defence Company Ltd and Team New Zealand AC35 Challenge Ltd.

Companies Office records show at November last year it had two directors, lawyer Greg Horton and public relations guru Tina Symmans, who was appointed in September 2018 to chair ACE.

At the same time, ACE engaged Tom Mayo and Grant Calder as event directors. Their events company has managed yachting's Volvo round-the-world race stopovers in Auckland, Melbourne and Hong Kong.

Team New Zealand, whose CEO is Grant Dalton, is focused on defending the cup.

According to Companies Office records, Team New Zealand Limited has four directors - Dalton, Robert Field, Kevin Shoebridge and Stephen Tindall.

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