A final agreement for the location of the America's Cup bases in Auckland has been made.

The 36th America's Cup in 2021 will be held on Auckland's waterfront, with a base configuration that involves a small extension into the harbour.

The plan, developed by Team New Zealand, would see them situated in the Viaduct Events Centre, one team based on the Hobson Wharf extension, while as many as five other challengers could be accommodated along Wynyard Wharf.

A final agreement for the America's Cup bases in Auckland has been made.
A final agreement for the America's Cup bases in Auckland has been made.

The plan was less expensive than previous options, Goff said, and required less extension into the harbour than its alternatives. With Team New Zealand being based at the Viaduct Events Centre, the need for an extension to the Halsey Wharf is essentially eliminated.

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Goff said officials from all parties had worked collaboratively towards the decision.

"I acknowledge the role played by all the parties in what was a robust negotiation."

Team New Zealand chief executive Grant Dalton said the agreement was a "huge relief."

"Our determination to have the event in Auckland never wavered despite plenty of challenges right up until the 11th hour," Dalton said.

The agreement reached today was subject to approval by the Auckland Council Governing Body, which would meet on Thursday.

"Excitingly, what we have in the agreements is essentially the start of the event build," Dalton said.

"In saying this, there isn't time to celebrate, the clock has been ticking for the past 9 months and there is a huge amount to organise and build in a very tight timeline. But it is a line in the sand where everyone collectively can now focus on working together to deliver the best America's Cup in history and the most successful and inclusive major event New Zealand has ever seen for all New Zealanders."

Construction and related costs would total $212 million and would be shared between council and Government.

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Council would contribute $98.5 million.

Team New Zealand's hosting fee would be paid by the Government.