2 Jan 2011

Team NZ to start chasing funding for America's Cup

8:46 am on 2 January 2011

Team New Zealand says work can begin on securing funding for its next America's Cup yachting campaign now the host venue has been named.

Officials have announced that San Francisco will be the site of the 34th America's Cup in 2013, edging out Newport, Rhode Island.

The decision on where to stage the event was up to Larry Ellison, whose BMW Oracle team won the event off Valencia in Spain last year. He sails for San Francisco's Golden Gate Yacht Club.

Emirates Team New Zealand managing director Grant Dalton says they favoured San Francisco and is pleased to finally know where the race will be held.

Mr Dalton says the team has examined the design and demands of a multi-hull campaign and has found nothing to deter it from taking part, given a sufficient level of funding.

Founded in 1851, the America's Cup bills itself as the oldest active trophy in international sport.