The boss of Hospitality NZ says the Government's reasons for not backing an Auckland America's Cup bid don't stack up.

Auckland Unlimited has confirmed the denial of funding has put it out of the running for 2027.

The Prime Minister and Finance Minister say there are better uses for the money.

Hospitality NZ Chief Executive Steve Armitage says the money wouldn't go into a black hole. 

"Actually, the Government can help to bolster Government coffers through GST revenue - from the teams being here and established over a period of time. There's investment in technology, boat building, componentry, even before you get to the visitations."

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The boss of Hospitality NZ says the Government's reasons for not backing an Auckland America's Cup bid don't stack up.
Auckland Unlimited has confirmed the denial of funding has put it out of the running for 2027.
The Prime Minister and Finance Minister say there are better uses for the money.
Hospitality NZ Chief Executive Steve Armitage says the money wouldn't go into a black hole.&nbsp;
"Actually, the Government can help to bolster Government coffers through GST revenue - from the teams being here and established over a period of time. There's investment in technology, boat building, componentry, even before you get to the visitations."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Steve Armitage: Hospitality NZ Chief Executive on Team NZ revealing Auckland will not host the 38th America’s Cup

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/99285f07-9c9d-47dd-bed7-b2b200523a36/transcript