Jump to content


Who owns Team NZ


  • Please log in to reply
13 replies to this topic

#1 waterboy42

waterboy42

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 247 posts
  • Location:Auckland or Bay of Islands

Posted 08 May 2013 - 08:31 AM

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!



#2 jaysper

jaysper

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 5,364 posts
  • Location:Wellington

Posted 08 May 2013 - 08:36 AM

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.



#3 waterboy42

waterboy42

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 247 posts
  • Location:Auckland or Bay of Islands

Posted 08 May 2013 - 09:07 AM

^^

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

 

Jim Farmer

RNZYS

Stephen Tindall?

Dalton?

Barker?



#4 jaysper

jaysper

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 5,364 posts
  • Location:Wellington

Posted 08 May 2013 - 09:18 AM

^^

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



#5 kiwi_jon

kiwi_jon

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 2,623 posts
  • Location:Auckland

Posted 08 May 2013 - 09:24 AM

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.



#6 jaysper

jaysper

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 5,364 posts
  • Location:Wellington

Posted 08 May 2013 - 09:28 AM

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

AFAIK, the trust still rules



#7 ezyb

ezyb

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 152 posts
  • Location:NC

Posted 08 May 2013 - 09:31 AM

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....ompanies/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.

Attached Files



#8 jaysper

jaysper

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 5,364 posts
  • Location:Wellington

Posted 08 May 2013 - 09:35 AM

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.



#9 Manfred

Manfred

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 369 posts
  • Location:North Germany
  • Interests:Sailing DN on hard water and all sorts of boats on soft water

Posted 08 May 2013 - 09:40 AM

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!



#10 waterboy42

waterboy42

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 247 posts
  • Location:Auckland or Bay of Islands

Posted 08 May 2013 - 09:40 AM

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....ompanies/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!



#11 waterboy42

waterboy42

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 247 posts
  • Location:Auckland or Bay of Islands

Posted 08 May 2013 - 09:45 AM

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.



#12 Barnyb

Barnyb

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 1,448 posts
  • Location:New Zealand

Posted 08 May 2013 - 09:58 AM

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.



#13 waterboy42

waterboy42

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 247 posts
  • Location:Auckland or Bay of Islands

Posted 08 May 2013 - 09:59 AM

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.



#14 hoom

hoom

    Anarchist

  • Members
  • PipPipPipPipPipPipPip
  • 4,897 posts
  • Location:Orkland

Posted 08 May 2013 - 11:25 AM

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 ^_^






0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users