Michael Fay (banker)
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- For other people of similar name see Michael Fay.
Sir Michael Fay is a New Zealand merchant banker and partner in the merchant bank Fay Richwhite. He is one of the richest ten men in that country, and backed New Zealand's first America's Cup campaign in 1987, which won through to the final before losing to the US.
In 1988 Fay backed a challenge to Dennis Conner's American team. This time the New Zealand team went back to the drawing board or more specifically back to the original Deed of Gift. The Deed of Gift was the original document drawn up by the owners of the 100 Guineas Cup, won by the yacht America, to offer the cup for international competition. Fay financed the creation of KZ1, a large single-hull yacht which complied with the original Deed of Gift but was much larger and hence faster than the standard 12-metre class boats which were used for America's Cup competition at the time. Denis Conner, skipper of the American defender, responded by building the multihull Stars & Stripes catamaran. Court actions followed which decided that both boats complied with the original Deed of Gift. The speed differential betwee the two boats was so great that Stars & Stripes easily won but the bad press generated by the mis-match heralded an era of better management and agreement for future challenges.
Sir Michael Fay has been inducted into the America's Cup Hall of Fame.
Fay is also chairman and financial backer of the Samoa national rugby union team.
