New Zealand confirms America\'s Cup bid

Two-time America\'s Cup winner New Zealand confirmed its place in the event\'s next regatta in San Francisco in 2013 after securing corporate sponsorship and government support. Team New Zealand managing director Grant Dalton said the financial backing, which includes NZ$36 million ($29 million) from the government, would ensure the campaign was competitive. \"We believe that we can mount a credible challenge which will have a very good chance of winning the America\'s Cup,\" he told reporters on Thursday. \"That\'s our mission and that is the expectation of our sponsors, partners, suppliers and the people of New Zealand.\" The 34th edition of sport\'s oldest continuously contested trophy begins with the July 13-September 1, 2013 Challengers Series Louis Vuitton Cup. The winning yacht then goes on to compete one-on-one against US defender Oracle Racing in the September 7-22 finals. New Zealand won the America\'s Cup in 1995 and successfully defended it off Auckland in 2000 before losing the \"Auld Mug\" to Swiss challenger Alinghi in 2003. David Carter, New Zealand\'s acting minister for economic development, said taxpayer support for the 2013 bid would help Team New Zealand showcase the country\'s marine industry, as well as promote tourism. \"In the current economic climate, it is important that maximum benefit is gained from this significant investment of taxpayer money, and the government?s expectations in this regard are clear,\" he said in a statement.