Team New Zealand's defence of the America's Cup in 2021 was a big winner of today's Budget, with the government investing $100 million into a support package for the event.
Emirates Team New Zealand Helmsman Peter Burling and skipper Glenn Ashby hold aloft the America's Cup.
Having defeated Oracle Team USA to reclaim the Auld Mug in Bermuda last year, Team New Zealand won the right to host the cup defence in 2021, with Auckland now confirmed as the host for the next challenge.
It was unclear exactly how much government funding would be awarded to aid Auckland's efforts, before Mayor Phil Goff revealed his delight at the $100m package.
“Confirmation of the Government’s $100 million towards America’s Cup 2021 will help ensure we create a vibrant event and lasting legacy for the city," he said in a statement.
"When Auckland does well, New Zealand does well. I look forward to continuing to work with the Government to ensure that New Zealand's international city is world-class."