New Zealand PM sceptical on America's Cup funding

New Zealand Prime Minister John Key expressed doubts on Monday about pouring more public funds into an America's Cup challenge, casting doubt on the future of Team New Zealand. The organisers of yachting's oldest trophy confirmed over the weekend that the entire challenger series for the 2017 event will be held off Bermuda, dashing Auckland's hopes of hosting some pre-regatta races. Key said that made it hard to justify giving further taxpayer funds to Team New Zealand, with the government's contribution to the syndicate's coffers currently standing at about NZ$41 million ($32 million). "I think it's very unlikely, I think we're at the end of the road really," he told TV3. "The government's position has been pretty clear, unless there's an economic payback for New Zealand it's hard to justify more money." In the 2013 final in San Francisco, Team NZ blew an 8-1 lead to lose 9-8 against Oracle Team USA in what has been described as one of the greatest chokes in sporting history. Team NZ have been one of the leading contenders in the America's Cup in recent decades, winning in 1995 and 2000, then losing the final in three of the four regattas since. There was no immediate response from Team NZ to Key's comments but syndicate head Grant Dalton has repeatedly stressed the importance of public funds towards a viable challenge. The event has already lost a high-profile contender after Italian syndicate Luna Rossa pulled out earlier this month to protest at what it dubbed an "illegitimate" decision to use smaller boats.