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On the Money: Sailing, banking, consulting and more...

March 11, 2023

The Royal New Zealand Yacht Squadron’s urgent cost-cutting review made us at On the Money wonder what had become of the “legacy payment” that Emirates Team NZ was widely rumoured to have proffered to the club.

The suggestion, never denied but also never outright confirmed, was that ETNZ would make a one-off payment to the squadron as part of its agreement to allow The America’s Cup to be sailed in Barcelona instead of Auckland – a decision that is also rumoured to have cost RNZYS dearly in paid-up members this year.

The "legacy" sum bandied about is $3 million, which would be a handy addition to a club that anticipates dipping into reserves to fund a trading loss in the current financial year of between $1.4m and $1.6m.

Inquiries to ETNZ and RNZYS commodore Andrew Aitken about the status of this legendary – possibly mythical? – top-up proved less than fruitful.

Aitken sent a very polite note confirming that “we continue to have an excellent relationship with Emirates Team New Zealand, with both parties meeting their respective obligations and commitments to each other”. However, whether anyone has promised anyone money is “private between the Club and ETNZ”, said Aitken.

ETNZ’s media manager, Hamish Hooper, had his phone on but it must have been on silent as OTM’s approaches went unacknowledged.

Perhaps more information will be forthcoming at an open meeting of squadron members next Thursday.

In the meantime, as pictured above, RNZYS members put on a great display in last weekend's annual classic yachts regatta.

Pattrick Smellie


Sat, 11 Mar 2023.