Government approves further $22.5 million funding for America's Cup infrastructure

The Government has approved an additional $22.5 million in funding for America’s Cup infrastructure.

A statement released by Minister for Economic Development David Parker today says the funding comes "following higher than forecast costs for wave breaks and dredging work."

On Friday it was announced an additional eight notices of challenge have been received and an acceptance process will now determine how many challengers will compete in the Prada Cup alongside Luna Rossa, American Magic and INEOS Team UK.

However, the extra funding is still subject to Auckland Council agreeing to increase its contribution, a move that will be decided on Thursday.

"This investment will ensure we deliver a great regatta in 2021, and negotiating to remove the tank farm off Wynyard Point will help revitalise the waterfront," Mr Parker said.

If it goes ahead, the new funding would take the Government's contribution to the Auckland waterfront development to $136.5 million.

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The Auckland mayor says the new design could be the best base any America's Cup has seen in years.