Emirates Airline and Team New Zealand announced the creation of Emirates Team New Zealand and its challenge for the 2007 America’s Cup in Valencia, Spain.

Signing the lead sponsorship agreement, in Auckland, the President of Emirates Airline, Tim Clark, said: “We are proud to take Emirates into a leading role in the rich 153-year history of the oldest sports trophy on earth and to support the New Zealand syndicate in its great challenge. The Cup has become one of the world’s most technologically-intensive sports events and I can’t think of a partner that could offer us a better fit than Team New Zealand, with its focus, drive and credentials.”

New Zealand’s Minister for the America’s Cup, Trevor Mallard, congratulated the Team for its determination to win back the Cup and announced that with the commercial sponsorships secured, the Government’s previously trade and tourism investment was now confirmed. “Research has shown that our investment of NZ$33.75 million (US$21.3 million) will be more than recouped as we leverage tourism and trade spin-offs from the European regattas.”

Emirates Team New Zealand managing director Grant Dalton welcomed the airline to the Team. “Over the past few months we have come to know the Emirates people well. They share with us a vision for success, a passion for excellence and a no-nonsense, practical approach to the business of winning. The Team could not wish for a better lead and naming rights sponsor.”