LISTEN: Dunedin businessman and sailing graphics pioneer Sir Ian Taylor has exclusively revealed to Magic Talk inside details about the future of the America's Cup and is comparing it to Formula One.
He says we need to invest in the future of Team New Zealand to protect the brand identity and intellectual property.
The only time taxpayer funding was used for the event was this year's regatta.
"It was privately funded in 1995, it was privately funded in 2000, and in 2017 - after Russell Coutts pulled the Louis Vuitton series out of Auckland, the government pulled out its $35 million," he told Magic Talk.
Sir Ian says if it wasn't for Grant Dulton's fundraising, New Zealand would not have hosted this year's America's Cup.
He says we need to protect intellectual property, like Te Rehutai - the boat that brought Team New Zealand another America's Cup win in 2021.
"New Zealand designed a boat that has been locked in for the next three America's Cup challenges, that takes it into the Formula One league.
"That's a decade of racing, with a high value boat - that has been designed in New Zealand against all the odds - that is hugely valuable," Sir Ian told Magic Talk.
He says Grant Dalton has to get together the kind of funding that can give Team New Zealand the best shot of holding onto the Cup.
"As long as they hold onto the Cup, the name New Zealand will be at every one of those races. The minute we lose it, the name will be gone," he said.
The Animation Research founder says Kiwis should be proud of Team New Zealand's success on the world stage.
"They're the only country that has been in every one of the events since 1987 through until this year, and they are the only country that has carried the name of a country through that entire process.
"New Zealand has been on the name of every one of those boats," Sir Ian said.
"They are the most successful America's Cup team in the history of the America's Cup."
He says the television coverage and technology behind the coverage was led by Kiwis, which is something we should be proud of.
"It's probably the most expensive sport in the world to cover," Sir Ian said.
Listen to the full interview with Sir Ian Taylor above.