Steve Joyce’s personal slush fund, Callaghan Innovation, has handed professional sports team TeamNZ potentially millions in corporate welfare.
Team New Zealand has received a handy financial boost through the awarding of a government research and development grant.
The Kiwi syndicate has been selected to receive Callaghan Innovation Growth Grant – the same scheme that has assisted Emirates Team NZ’s key rivals and America’s Cup holders Oracle Team USA. Oracle’s Warkworth-based boat-building operations, Core Builder Composites, was confirmed as a recipient of the grant in August 2014.
The grant gives taxpayer funding of 20 per cent of its R&D spend, up to a maximum of $5m for three years, plus GST. Companies can therefore get theoretical maximum funding of $17.25m. Read more »