Sponsor claims reimbursement

Press, 21 January 1987, Page 4

Sponsor claims reimbursement

By

ROBERT LOWE,

NZPA staff correspondent Fremantle A Sydney businessman, Mr Marcel Fachler, who provided the initial finance for the New Zealand America’s Cup effort, has handed the New Zealand syndicate a claim for what he says he is owed, according to a syndicate spokesman.

Mr Fachler has met the BNZ Challenge chairman, Mr Michael Fay, to discuss his claim for reimbursement of $47,000. However, nothing has been resolved and the syndicate spokesman, Mr Peter Debreceny, said it was now up to Mr Fachler to get back to Mr Fay with something more concrete.

Mr Debreceny said the syndicate was surprised by Mr Fachler’s letter for reimbursement.

.“Our understanding was that he had contributed money towards the challenge as part of the promotional effort of the company he was trying to start in New Zealand,” he said.

Mr Fachler contributed the original entry fee of sAustl2,ooo in 1984 and has also spent $lOO,OOO getting the campaign on its feet.

In a meeting on May 17, 1984, of the Royal New Zealand Yacht Squadron and representatives of the challenge company, Mr Fachler agreed that expenses totalling $20,000 would be borne by him and that he would underwrite expenses from that point to a maximum of $50,000.

Despite the disagreement, however, he still appears on amicable terms with the syndicate. He was at the New Zealand dock on Monday evening for a party given by the New Zealand syndicate for its crew, staff, and journalists.