The following is a statement made by Peter Menzies, trustee, Team New Zealand:

Grant Dalton is to take over leadership of Team New Zealand.

The trustees of the Team have appointed him to the newly created position of Managing Director.

All Team members will report to Grant, and he will be responsible to the trustees for administration, sailing, design and sponsorship.

Our review of the 2003 campaign led us to the conclusion that to regain the America’s Cup the Team needs to revert to an organisational structure which clearly defines and allocates responsibilities while preserving valuable team input into the many design and sailing decisions ahead.

The role of Managing Director is key, and needs to be filled by an outstanding individual who combines qualities such as leadership, organisation, sailing knowledge and pragmatism.

Trustees undertook a wide search for that individual, and were unanimous in choosing Grant.

His track record in major sailing events, his people leadership skills and his single minded drive will give Team New Zealand new direction and focus.

While Grant will be responsible to the board for all Team actions and decisions, he has told us it is not his intention to skipper the boat.

With this appointment, the focus of trustees will now be directed at completing and making public a report on the 2003 defense. This report is likely to be made public in May.

Grant’s key focus in coming months will be to complete the analysis as to whether Team New Zealand will make a challenge for the Cup in 2007, and to protect key members of the 2003 syndicate from poaching while that analysis is completed.