The current official home of the America’s Cup is in dire financial straits after reporting that its trading loss for the last financial year has risen to nearly NZ$2 million (€1.12m).
As the New Zealand Herald reports, the Royal New Zealand Yacht Squadron made the admission in an update to its members last Thursday (13 July).
The club put the finger on asset write-offs for the greater-than-anticipated loss, which earlier this year was attributed largely to the extended impact of the pandemic as well as poor weather in the early part of 2023.
Now five months into its so-called ‘Reset’ journey to improve its finances, the club said that “considerable progress” has been made in spite of the growing trading deficit.
The clubhouse in Auckland holds the America’s Cup which was won by its representative Team New Zealand in March 2021.
But despite having the right to host the next defence of the Auld Mug at home, the team rebuffed its nation’s offer and in a surprising move opted instead for Barcelona — a decision said to have cost the RNZYS a significant number of memberships.
The New Zealand Herald has much more on the story HERE.
