But a $3 million contribution to Team NZ by America's Cup Limited (ACE) will go to mediation with the Ministry of Business, Innovation and Employment (MBIE)
MBIE, in consultation with host partner Auckland Council, has completed its audit into allegations made against Emirates Team New Zealand Limited (ETNZ) and America's Cup Event Limited (ACE).
The Beattie Varley report, commissioned as part of the audit, found that there was no evidence of financial impropriety or misappropriation of funds.
The report also found:
• there was no loan from ACE to ETNZ,
• there was no fraud by ACE or ETNZ,
• that no personal expenses of TNZ boss Grant Dalton or any other personnel were paid from Crown monies,
• that there has been no financial impropriety of any nature.
It emerged last month that Team NZ had been scammed when a large amount of money was sent to a Hungarian bank account in a fraudulent transaction.
