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waterboy42

Who owns Team NZ

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I was arguing the cause of ETNZ receiving NZ Govt funding with a friend the other day. He was arguing that ETNZ is not a New Zealand team, but a private organisation with international staff in a sport with compartively minor public participation and therefore shouldn't be supported with taxpayer contributions.

 

My argument was they are essentially a NZ team, probably in Trust format, with the express mission of returning the AC to NZ (with all the spin off benefits that brings) and probably run campaigns aiming on break-even (aside from hopefully paying the talent what they are worth) so deserve support.

 

The discussion got me thinking and researching, but I found it difficult to find any info on ETNZ's constitution.

I vaguely recall a falling out between RC, BB and Peter Blake over control and structure of TNZ which I think either Russell and/or PB mentioned in one of their Biographies as contributing to their exit to Alinghi.

 

So, interested if anyone knows the inside structure of TNZ. LLC?, Trust? Going Concern? Trustees? Shareholders? Directors?

As they are recieving Public funds, are there any Publicly accessible documents w.r.t. this?

 

 

...Got to find something to occupy the time before the 4th of July!

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I was arguing the cause of ETNZ receiving NZ Govt funding with a friend the other day. He was arguing that ETNZ is not a New Zealand team, but a private organisation with international staff in a sport with compartively minor public participation and therefore shouldn't be supported with taxpayer contributions.

 

My argument was they are essentially a NZ team, probably in Trust format, with the express mission of returning the AC to NZ (with all the spin off benefits that brings) and probably run campaigns aiming on break-even (aside from hopefully paying the talent what they are worth) so deserve support.

 

The discussion got me thinking and researching, but I found it difficult to find any info on ETNZ's constitution.

I vaguely recall a falling out between RC, BB and Peter Blake over control and structure of TNZ which I think either Russell and/or PB mentioned in one of their Biographies as contributing to their exit to Alinghi.

 

So, interested if anyone knows the inside structure of TNZ. LLC?, Trust? Going Concern? Trustees? Shareholders? Directors?

As they are recieving Public funds, are there any Publicly accessible documents w.r.t. this?

 

ETNZ is a company owned by a trust whose trustees are prominent New Zealanders.

It is as true blue New Zealand as you can get.

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^^

That makes sense, I'd like to know who the trustees are:

 

Jim Farmer

RNZYS

Stephen Tindall?

Dalton?

Barker?

 

 

By memory Gerry Paykel is one (Like I said, prominent Kiwis)

Would doubt Barker is.

Tindall & Dalton might be

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Sorry but Jaysper is wrong.

 

Team New Zealand Ltd has 2 shareholders, Gary Paykel and Jim Farmer, who jointly hold 790 shares. There are 3 directors of TNZ Ltd, Dalts, Paykel and Farmer.

 

The Team New Zealand Trustee Ltd has not been a shareholder of TNZ Ltd since 2005 and has since been struck off the companies register.

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^Pretty sure the event you are referring to is the trust being stripped of its charitable status.

AFAIK, the trust still rules

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Things might have changed since I was last involved (although I don't think so based on public filings), but Team New Zealand itself is a limited company with Jim Farmer and Gary Paykel acting as the shareholders in their capacity as trustees:

 

http://www.business.govt.nz/companies/app/ui/pages/companies/582931

 

Unfortunately the trusts and societies register search function isn't as good as the companies one, but I believe the trust is called the Team New Zealand Trust.

Trust Deed.pdf

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Ah, I see Kiwi_Jons confusion now.

 

whenever a trust buys something (company, house, whatever) the names of the trustees are placed on the deed and NOT the trust itself.

This is the same for our (my wife & I) family trust operates.

 

So the final answer it would seem is that the trustees of the trust are Paykel & Farmer.

 

So, Kiwi as.

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Does it really matter? You guys (down under in NZ) should be proud about that team and what it does to your economy. Wish the German gov would be that smart but than, we might not find such a leader as you have in GD to get things rolling. No wonder our marine industry is tumbling and innovation is not coming from this end of the world. I am in the composite biz in GER since ´77 and can only say that we have lost it... Therefore I am a fanboy of the ETNZ and former NZ teams and have very good memories about all your challenges. Keep up the good work ETNZ!

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Things might have changed since I was last involved (although I don't think so based on public filings), but Team New Zealand itself is a limited company with Jim Farmer and Gary Paykel acting as the shareholders in their capacity as trustees:

 

http://www.business.govt.nz/companies/app/ui/pages/companies/582931

 

Unfortunately the trusts and societies register search function isn't as good as the companies one, but I believe the trust is called the Team New Zealand Trust.

 

Thanks for that... Brilliant!

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Ah, I see Kiwi_Jons confusion now.

 

whenever a trust buys something (company, house, whatever) the names of the trustees are placed on the deed and NOT the trust itself.

This is the same for our (my wife & I) family trust operates.

 

So the final answer it would seem is that the trustees of the trust are Paykel & Farmer.

 

So, Kiwi as.

 

Agreed...

 

 

With Paykel and Farmer at the reins (or at least backing up Dalts), there aren't many who have given more the NZ Sailing.

 

My thoughts are two very safe pairs of hands and fairly silent contributors to a first rate challenge.

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I think this question gets to the crux of the problem with RC. Blake had the utter respect of the trustees (and other senior backers) RC seemed to think that he had a better model but would not get support from Blake or the trustees. So RC walked.

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Does it really matter? You guys (down under in NZ) should be proud about that team and what it does to your economy. Wish the German gov would be that smart but than, we might not find such a leader as you have in GD to get things rolling. No wonder our marine industry is tumbling and innovation is not coming from this end of the world. I am in the composite biz in GER since ´77 and can only say that we have lost it... Therefore I am a fanboy of the ETNZ and former NZ teams and have very good memories about all your challenges. Keep up the good work ETNZ!

 

You're right, it's great that we support ETNZ and win or lose, I'm immensely proud of the quality of their effort.

 

I think there are huge spin offs direct and indirect for NZ Sailing, Marine Industry, and wider High Tech industries profile in seeing that we can mix it with a tech billionaire in from the worlds greatest tech region in the worlds most advanced economy.

 

The profile TNZ has given NZ sailing has helped launch scores of rewarding international careers for young kiwi sailors and Marine Industry people.

 

I just like to have my facts straight so I can have a reasoned and intelligent argument against my stingey luddite mates, and a good portion of the NZ public, who can't see the value in backing winners.

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So, Kiwi as.

Yup, legally murky & run by some very rich people who don't like to be in the public eye: That is certainly the Kiwi way of doing business ^_^

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