Auckland to miss out on Formula E?
Despite a five-year agreement to bring Formula E to Auckland, hold-ups with the Government could mean New Zealand misses out entirely.
Formula E Holdings had previously agreed to a deal with a consortium to bring the race series to Auckland but it’s been reported that the Government is wanting to carry out yet another study into the potential financial benefits before committing. And it could take up to nine months to complete. Meantime, the consortium needs an answer before 2019 breaks out.
The Government is being asked to contribute around $14million to make the race a reality. An independent study by SMG Insight suggests that a round of Formula E would bring in $NZ150million to the country. Consortium leader, Craig Cotton, said that the GST alone would be enough to break even.
Further frustrating those keen to see Formula E on Auckland Streets, whoever they might be, is the fact that more government money has already been given to the America’s Cup. An extra $22.5million for infrastructure has been announced, taking its total contribution to $136.5million.
Auckland Council also revealed the extra work it is doing around the construction of America's Cup bases at the Viaduct Harbour will cost a further $100million.