Breeze Magazine 25 stay here in New Zealand,” Dalton told the Squadron gathering in June. What Dalton did not predict and nobody could anticipate was that the process would push beyond the September 17 deadline. But, with last-minute wobbles from two of the potential international hosts and an eleventh-hour development in a hometown bid to keep the Cup in Auckland, the deadline was extended. “For the benefit of both the 37th America’s Cup and the eventual host venue, we would rather allow some more time now, so we make the right decision as opposed to a rushed decision,” said RNZYS Commodore Aaron Young. Just 48 hours before the September 17 deadline, the Cup regatta was heading to Ireland. The other two potential offshore venues, Valencia and Jeddah, had slipped out of contention. Valencia, still carrying debts from its 2007 hosting of the Cup, withdrew its bid to host another regatta despite much of the infrastructure remaining in place. However, the Spanish government was reportedly still showing interest in supporting a hosting bid. Barcelona was mooted as one possibility and, with central government backing, Valencia’s hopes could still be revived. Although Saudi Arabia has been investing large sums in attracting major sporting events, there were indications its America’s Cup proposal was less attractive than those of its rivals. That left Ireland in the strongest position and in the weeks leading up to the September 17 deadline, a stream of bullish news reports proclaimed Cork’s position as front-runner in the bidding war. “It’s ours to lose now,” Cork Chamber of Commerce president Paula Cogan told the Irish Examiner on September 14. “If, in a few years’ time, we looked back on this and thought we’d lost this opportunity, it would reflect badly on the decision-makers of the time. This is perhaps a oncein-a-lifetime opportunity for Cork, for Ireland, to host such a huge global sporting event.” Ireland’s Foreign Minister, Simon Coveney, had attended a number of high-level presentations and appeared to be strongly promoting the Cork bid. But at the last minute, an unrelated political stoush, difficulties with the ruling party’s coalition partners and nervousness about the costbenefit ratio of a Cup regatta appeared to stall Ireland’s charge. The Irish requested more time for due diligence. Meanwhile, back in New Zealand, a private-sector initiative to raise enough money to keep the Cup regatta in Auckland also made an 11th-hour move to revive its position. The campaign is fronted by Mark
212 Garnet Rd, Westmere – $4.3 mil
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Dunphy, chairman and CEO of Greymouth Petroleum. He occupied a senior position at Fay Richwhite, when the merchant banking firm backed New Zealand’s America’s Cup debut at the 1987 America’s Cup in Fremantle, Australia. The Dunphy-led America’s Cup bid has charted an erratic course. From the outset, the tone was aggressive, very much in the form of a corporate raider intent on a divide and conquer strategy. In various statements and interviews, Dunphy demanded funds should be managed by the Royal New Zealand Yacht Squadron, not ETNZ; that Grant Dalton must quit the team leadership; that funds should be channelled through entities that would give the backers significant tax advantages. There were rumours of court action and injunctions, which never fail to send shivers of dread through the Cup community. Despite repeated efforts to open detailed discussions, Dunphy refused to engage directly with ETNZ, beyond a single hour-long telephone conversation with Dalton. In the face of what was characterised as a hostile takeover bid, the RNZYS and ETNZ closed ranks, declaring they were “in complete alignment”. Senior members of the team also issued a lengthy statement in support of Dalton, describing efforts to unseat him as “mind boggling” and accusing Dunphy of undermining the structure of the team. In the face of these and other strong expressions of support for Dalton from Sir Stephen Tindall, former chairman of the ETNZ board of directors, and others, Dunphy began to backtrack. Dalton could stay, he said. Although that would mean some backers would no longer support the bid, others would step up to the plate. The tax aspects of the plan would also be dropped. But, as the clock ticked down, there was still no direct engagement with ETNZ and no detailed proposal. On September 1, Bob Field, a longstanding ETNZ board member, wrote a second letter from the team to Dunphy requesting details of the proposed funders and a credible indication of their willingness to commit funding, and on what terms. Emphasising “utmost urgency”, Field wrote: “If you and your proposed funders are sincere in their goals, then we welcome a direct and candid dialogue.” For two weeks, there was no response. Then, two days before the deadline, there was another shift when Dunphy sent a more conciliatory letter to Field and the RNZYS. In the light of these last-minute moves in Ireland, Spain and New Zealand, the RNZYS and ETNZ decided to delay the host venue announcement.
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