The Government wants to keep the America's Cup event in New Zealand, but it's not a done deal yet.

It's promised to pour $5 million into our next defence, provided it's held in this country.

Team New Zealand boss Grant Dalton is in talks with Ineos Team UK about holding the event either here or in the Isle of Wight.

Minister Responsible for the America's Cup, Stuart Nash, told Mike Hosking it would be very disappointing to see the event head offshore, but he can't make any guarantees.

He says while there's three months of negotiations ahead,  in these Covid times, the Government may not have enough money.

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