A bitter public and legal row over alleged but disproven financial irregularities in the run-up to the 2021 America’s Cup has been settled, with a string of apologies to cup defender Team New Zealand.
A confidential settlement has been reached between the team (ETNZ), its event arm America’s Cup Event Ltd (ACE) and a former contractor Mayo and Calder Limited, with individuals Tom Mayo and accountant Michael Choy.
The firm, Mayo and Choy have admitted in a statement agreed by all parties, that “they breached the confidence of ACE and ETNZ, including by having Michael Choy secretly record confidential internal meetings.”
They also admit breaching confidence by “releasing, and procuring the release, of ACE and ETNZ’s confidential information to members of the media” and to the cup event co-funder, the Ministry of Business, Innovation and Employment (MBIE) and its agents.
This was done for Mayo and Calder Limited’s “commercial benefit”, said the former event management contractors, in a statement released to Newsroom by Emirates Team New Zealand.
The settlement ends five years of legal action, with both sides suing the other, after financial allegations were made public in mid-2020, during final preparations for the 36th America’s Cup in Auckland.
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