New Zealand Bows Out of America's Cup Hosting Bid

The reigning champions, New Zealand, will not host the next America's Cup due to insufficient economic backing. Despite a strong history of hosting and a positive economic impact from the Barcelona event, government support was not secured, ending Auckland's bid for the prestigious sailing event.

In a surprising turn of events, New Zealand, the defending champion of the America's Cup, has announced its withdrawal from hosting the next edition of the prestigious yachting competition. The decision comes after a statement from Emirates Team New Zealand cited a lack of necessary economic support from the government.

The announcement follows New Zealand's successful retention of the title at the 37th America's Cup held in Barcelona last October, marking their fifth overall victory. The team, along with the Royal New Zealand Yacht Squadron, had ambitions to host the 38th edition in Auckland. However, the Ministry of Business, Innovation and Employment, alongside the government, has opted not to back their bid.

This development arises despite a recent economic impact study from the University of Barcelona, which reported a significant positive financial impact of over 1 billion euros from last year's event. Auckland previously hosted the 30th, 31st, and notably, the 36th America's Cup in 2021.

(With inputs from agencies.)