As much as $30 million of taxpayer money could be used to float another attempt to compete in the next America's Cup yacht race.
The government says the funding would depend on the benefits to trade and tourism but ONE News has learned a verbal agreement has already promised "serious funding."
ONE News has been told that America's Cup Minister Trevor Mallard has pledged one dollar for each two dollars Team New Zealand manages to raise through commercial sponsorship - up to a maximum of $30 million.
The government has already pledged $5.6 million to the team after they lost the cup to the Swiss challenger - Alinghi.
But the cost of trying to win back the America's cup is likely to be as much as $150 million dollars.
Any black boat bailout would come from the trade and tourism budgets.
A move which other sporting organisations like the Olympic committee are watching closely.
"If this is an initiative of this government to look at the benefits that sport brings to the community and pays out on that basis, We'd like to think all sports would be judged on that basis. So rugby, olympics, commonwealth games would all get a contribution," said John Davies from the New Zealand Olympic Committee.
Team New Zealand refused to discuss its fund raising process.
But one insider pointed out that if the government had been so generous before the mass defections after the 2000 campaign, then New Zealand may not have lost the America's Cup in the first place.
Latest Breakfast Video
-
te-karere-121111-fri - te-karere-121111-fri (0:22:30)
-
Marae Investigates - Series 2012, Episode 13
-
Marae Investigates - Series 2011, Episode 15 (0:29:10)
