More Taxpayer Funding For Larry Ellison Yacht

The renowned company of New Zealand owned by multi-billionaire America’s Cup arch-rival Larry Ellison, the one who has Rich Lister yachtsman Russell Coutts on the board is receiving more taxpayer funding now. Warkworth-based Core Builders Composites, which was popularly known as Oracle Racing once has successfully bargained a two-year extension.

It is negotiating to get the grant for Callaghan Innovation research and development. Additionally, it has also received $1.5 million of government funding in the year 2016. And in 2017, it received almost $1 million amount.
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The company Core Composites is owned by US-based Oracle Racing Inc. It holds its hundred percent ownership, which in turn is owned by a trust of Larry Ellison. The objective of Core Composite over the years has been assisting making of boats for Ellison/Oracle yacht races – specifically for the campaigns of the America’s Cup.

According to the annual report 2009, the only business was the company is assisting the parent company in America’s Cup challenge. The Oracle Team USA won the race series in 2010 and then caused extensive despair in the whole New Zealand country by coming from seven points down in the year 2013 Cup to beat the NZ team.

However, last year in Bermuda, Ellison, Coutts and their boat were beaten by New Zealand. And the Coutts, who is chief executive of Oracle Team USA but led Team NZ to two victories of America’s Cup in the past, they said they will not have a boat in the upcoming 2021 series scheduled to take place in Auckland.

In the year 2014, Core received a three-year Callaghan Innovation Growth Grant, that made it claim the portion of its R&D expenditure which between 20 and 40 percent normally. The 2017 annual accounts of Core show taxpayer-funded grants were $2.5 million and now in 2016-2017. Callaghan has extended the grant to 2019 June.