Before the last Cup, the Council and Government spent $289m on clearing the tank farm, building the bases, and hosting the event.
Leading economist Eric Crampton says the juice isn’t worth the squeeze.
“Spending another $100m on it here doesn’t make particularly good sense,” says Crampton, an NZ Initiatitve senior economist.
“When Governments compete with each other to subsidise boat races that rich people tend to enjoy, the winners aren’t taxpayers.”
Goff argues there are clear benefits but won’t be upping the current offer.
“There is an absolute limit to the amount of money that a ratepayer or taxpayer can be expected to pay as a hosting fee,” says Goff.
Team NZ say it’s premature to comment while negotiations continue but they have received an offer, which they’re carefully considering.
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