Sailing - 37th America's Cup - New Zealand v Britain - Barcelona, Spain - October 19, 2024 Emirates Team New Zealand celebrate with the Auld Mug trophy on the podium after winning the 37th America's Cup REUTERS/Nacho Doce TPX IMAGES OF THE DAY
(Reuters) -Three-times defending champions New Zealand will no longer seek to hold the next edition of the America's Cup, with an Emirates Team New Zealand statement on Monday citing a lack of economic support from the government.
New Zealand retained the title by winning the 37th America's Cup in Barcelona last October, their fifth triumph, and said since then they have been intent on exploring the possibility of hosting the 38th edition in Auckland.
Along with the Royal New Zealand Yacht Squadron, they hoped to receive private backing and government support but have been told that the Ministry of Business, Innovation and Employment and the government have decided against backing the bid.
Auckland had hosted the 36th America's Cup in 2021 along with the 30th and 31st editions.
Earlier this month, an economic impact study by the University of Barcelona said the event had a positive economic impact of 1.034 billion euros ($1.12 billion) for last year's hosts.
($1 = 0.9245 euros)
(Reporting by Trevor Stynes; Editing by Ken Ferris)
