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Differentiate NZ challenges before formation of TNZ itself
If memory serves, Sir Michael Fay's challenges were not under the banner of TNZ (although I think at least one was on behalf of RNZYS). IIRC, Team New Zealand itself was not formed as a distinct entity until Sir Peter's 1995 challenge.
However I have no citable information regarding this at hand.
I cannot think of Team New Zealand without thinking of Sir Peter Blake, whose approach to winning the America's Cup for New Zealand was so different than Michael Fay's various challenges. The surprise challenge of 1988 that relied on the legal wording of the Deed of Gift in an attempt to dictate time and terms is not at all like that of Peter Blake's, whose Team New Zealand was characterized by teamwork and sportsmanship. I agree with the above writer. In my opinion, though the Fay sponsored challenges were the beginning of New Zealanders being involved in the America's Cup, they are misplaced on this page on Team New Zealand. Gunbirddriver (talk) 23:08, 21 November 2010 (UTC)