WELLINGTON (Reuters) - Team New Zealand have received a $5 million funding from the country's government in a boost to the defence of their recent America's Cup win over Oracle Team USA in Bermuda.
A dominant Emirates Team New Zealand claimed international sport's oldest trophy with a 7-1 win against the U.S. holders in Bermuda's Great Sound, with 26-year-old Peter Burling becoming the youngest helmsman to secure sailing's biggest prize.
The stunning win was also welcomed by officials in New Zealand who termed it as a feel-good boost in an election year, with the economic benefits expected to be on a par with those from hosting the filming of the Lord of the Rings series.
Economic Development Minister Simon Bridges and Sports and Recreation Minister Jonathan Coleman announced the funding following Monday's Cabinet meeting, saying it would help Team New Zealand to retain key personnel.
"Team New Zealand displayed incredible talent and innovation during the 35th America's Cup campaign," Bridges told the local media.
"This investment of $5 million will go some way towards protecting the valuable intellectual property, experience and skills that rest with key team members."
(Writing by Sudipto Ganguly in Mumbai; editing by Amlan Chakraborty)
