A challenge from Emirates Team New Zealand, which lost 9-8 to
Oracle Team USA after surging into an 8-1 lead, had been in doubt
because of reported difficulties raising finances and the
government's reluctance to contribute.
However, the team said on Wednesday it had secured sufficient
private and sponsorship funding to proceed to the next stage without
needing government assistance.
The America's Cup was first staged in 1851 and is the oldest
international sporting trophy.
"The funding support for the team that has coalesced over the past
week means we can continue the design and engineering development,
and keep racing, until main sponsorship funds begin to flow," chief
executive Grant Dalton said in a statement.
He said the team's designers and engineers had been working on the
software needed for the next challenge.
"The Protocol and the design rule has been published so we know what
we are working with and we are confident we can mount a challenge
that has the potential to win."
The 2017 America's Cup will be held with a smaller version of the
catamarans used in last year's regatta in San Francisco Bay and will
include new crew nationality minimums.
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Oracle Team USA, owned by software billionaire Larry Ellison, has
negotiated the rules for the next Cup with Team Australia's Hamilton
Island Yacht Club, the Challenger of Record.
Ellison has yet to agree on whether the next America's Cup will be
held again in San Francisco. Other possible sites include Hawaii and
(Writing by Gyles Beckford; Editing by John O'Brien)
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