$3M target for Cup challenge

Press, 25 January 1986, Page 8

$3M target for Cup challenge

From

SIMON LOUISSON

in Wellington The BNZ’s commitment to New Zealand’s America’s Cup challenge intensified yesterday when a target was set to raise at least S 3 million

publicly and a project leader was appointed. 'The $3 million intended to be raised through a supporters’ club, will augment funds drawn from the bank’s advertising and promotions budget.

A final cost figure for the challenge is not available, but estimates range as high as $2O million. The project leader, Mr Logan Russell, a senior bank executive, would not put a specific figure on the bank’s contribution, but said it was in the “single-figure millions.” He said it was up to the promoter, a merchant banker, Fay Richwhite and Company, to find other sponsors for the rest of the funding. The bank would promote activities through its outlets to try to include all New Zealanders in the challenge, said the bank’s chief executive, Mr Bob McCay.

Mr Russell said the bank had joined the appeal work beca. ie it was “a hell of a lot of fun.” Commercial spin-offs from the bankas sponsorship include cross-selling opportunities, improving account relationships and image projection. Apart from the costs of the yachts themselves, the money is spent on the logistics of team preparation, workshops, sail repairs, sail lofts and other essential items. Winning the cup would create tremendous commercial opportunities in trade, tourism, and through the focus of world attention, Mr Russell said.

He has just returned from Perth, where a big area of Fremantle was being refurbished in preparation for the cup challenge. ‘"The cup is in everyone’s mind. I even saw a panelbeater, called Cup Panel Beaters,” he said. Mr Russell' denied suggestions that New Zealand’s challenge was rushed, although preparations for the world 12 metre championships starting on February 7 have been hurried. The elimination series for the America’s Cup begin in October, and the challenge itself in a year’s time.