The row over whether costs for the creation of the Class Rule for the 36th America’s Cup was an Event Cost under the Host Venue Agreement has been resolved.
This decision exonerates America’s Cup Event Ltd and the CEO and Directors: Grant Dalton, Tina Symmans and Greg Horton.
The cost in dispute was a charge of NZL$3 million, as part of the AC75 Class Rule development by Emirates Team New Zealand and America’s Cup Event Ltd (ACE), against the Hosting Fee.
A media release by the New Zealand Ministry of Business, Innovation and Economic Development (MBIE), stated that the parties have all agreed that there was reasonable basis for the differing views held to date.
That decision was reached after Emirates Team New Zealand and America’s Cup Event Ltd (ACE) produced information and independent advice that supported their view.
Following this new information, MBIE was now satisfied that event investment in relation to the Crown’s contribution has been or will be properly incurred by ACE.
In light of this, the dispute has been declared resolved.