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<p><del class="ministerial">In 2014 Government agreed up to £7.5 million funding to
support Sir Ben Ainslie’s America’s Cup team and their proposal to be based on the
Camber in Portsmouth. Details of this funding agreement have previously been released
and are publicly available here:</del></p><p><del class="ministerial"><a href="https://www.gov.uk/government/news/government-approves-75-million-for-sir-ben-ainslie-project-to-boost-portsmouth"
target="_blank">https://www.gov.uk/government/news/government-approves-75-million-for-sir-ben-ainslie-project-to-boost-portsmouth</a></del></p><p><del
class="ministerial">No further funding to the team is currently planned.</del></p><p>
</p><p> </p><p><ins class="ministerial">In 2014, under the Coalition Government, the
Department for Business, Innovation and Skills, the Department for Communities and
Local Government, and the Department for Culture, Media and Sport agreed a funding
package of up to £7.5 million to support Sir Ben Ainslie’s America’s Cup team and
their proposal to base their permanent headquarters on the Camber in Portsmouth. This
was announced by the then Secretary of State for Business, Innovation and Skills,
the Rt hon Member for Twickenham (Sir Vince Cable).</ins></p><p><ins class="ministerial">
</ins></p><p><ins class="ministerial">This funding ensured the racing team’s commitment
to basing their operations in Portsmouth for a minimum of 12 years to support three
America’s Cup cycles, which in turn enabled economic benefits for the city’s marine
and maritime sector. It also helped support community engagement and sailing participation
projects in collaboration with Sport England.</ins></p><p><ins class="ministerial">
</ins></p><p><ins class="ministerial">The benefits arising from this investment extended
beyond the sailing team. They included direct economic benefits from the generation
of jobs and apprenticeships, together with the up-skilling of workers in the Solent
area, the setting up of a Technical Innovation Group to help feed the innovations
in applied technology developed by BAR into the marine industry, engagement with schools
and higher education institutions, engagement with the local supply chain, and the
setting up of a visitors’ centre.</ins></p><p><ins class="ministerial"> </ins></p><p><ins
class="ministerial">Published details of this funding agreement are available here:
<a href="https://www.gov.uk/government/news/government-approves-75-million-for-sir-ben-ainslie-project-to-boost-portsmouth"
target="_blank">https://www.gov.uk/government/news/government-approves-75-million-for-sir-ben-ainslie-project-to-boost-portsmouth</a>
</ins></p><p><ins class="ministerial"> </ins></p><p><ins class="ministerial">No further
funding to the team is currently planned.</ins></p>
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