Kiwi Magic: New Zealand's real America's Cup story

Ill-fated America's Cup challenger KZ 1 in New York with world-famous broadcaster Walter Cronkite at the helm in 1988 and the Twin Towers in the background. Photo / Sir Michael Fay collection

As Team New Zealand prepares to launch its defence of the America's Cup, the financial 'God Father' of our earliest challenges, Sir Michael Fay, has revealed previously never talked about secrets about on and off-course dramas.

In an exclusive interview the rich lister has opened up about; the team boss who never fronted for work, fears the KZ 1 would sink during the ill-fated 1988 'Big Boat' challenge, the drama which unfolded when KZ 1 was later impounded by the Cuban military over fears it was a missile system, and Sir Peter Blake's initial reluctance to be involved in the