Mark Dunphy offers short term funding to Team NZ as part of talks to keep cup in Auckland

Mark Dunphy, pictured in 2007, has offered to help provide short term funding to Team NZ if it is part of negotiations to keep the America's Cup in Auckland. Photo / NZPA

An entity linked to former investment banker and oil and gas entrepreneur Mark Dunphy has offered to provide short term funding to Team New Zealand while a deal to keep the America's Cup in New Zealand is thrashed out.

In an open letter, Kiwi Home Defence Limited said it had written to the Royal New Zealand Yacht Squadron and Team New Zealand "offering to assist with funding for the 'at home' defence of the America's Cup".

The company, owned entirely by Dunphy, said it had offered to meet with the squadron and Team NZ "at any time".

Dunphy said the organisation was prepared to join the Government to meet the funding needs of Team New Zealand to provide "short-term funding support for the team whilst the longer-term funding and supporting arrangements are finalised with private supporters, the Government, the Auckland Council, the Squadron and the team".

Dunphy told the Herald he was confident the cup would be held in New Zealand.

Earlier today Team NZ extended the deadline to decide the venue of the next America's Cup on signs that it has been unable to strike a deal with an international venue.

More to come...