N.Z. yacht needs $½M

Press, 4 December 1985, Page 1

N.Z. yacht needs $½M

PA Auckland With 20,000 miles to go in the Whitbread . round-the-world yacht race, Lion New Zealand ,is $300,000 in debt and looking , for $500,000 to complete the circumnavigation. In a newsletter released this week the New Zealand International Yacht Racing Trust’s chairman, Mr Tom Clark, reported: “We are in good shape to win this Whitbread but we still need the dough.” < "We, still need to .find $500,000. We have a bank overdraft of $300,000. to clear and the campaign requires another $200,000 for sails, insurance premiums, maintenance and to feed the crew.” . The trust is pinning its hopes on a $1 million lottery from which it could net $500,000. But to glean that revenue it will need to sell 100,000 tickets nationally. The trust has launched an appeal to business houses to sell the tickets on its behalf. The principal sponsor, the Lion Corporation, which owns the naming rights of the maxi racer, does not expect to ride to the rescue. “As far as Lion Corporation is concerned it has fulfilled all its obligations under the original agreement, as have the other major sponsors such as Healing Industries,” said the company’s public relations spokesman, Mr Mark Van Praagh. The start gun- for the second leg from Cape Town to Auckland will be fired it 10 p.m. today, New Zealaiid time.

Second Leg preview, back page.