Another sponsor stands by Team NZ

Team New Zealand are facing an uncertain future with no Government funding, but sponsors are sticking with the team. Photo / Brett Phibbs

Team New Zealand's challenge for the 35th America's Cup in Bermuda gets more hopeful by the week with another major sponsor sticking with the team.

Long-term sponsor Omega announced today its continued sponsorship of the team in its challenge for the Auld Mug in 2017.

It is the second major sponsor of the team to renew its commitment in as many weeks along with Emirates.

"Having Omega continue as a major sponsor is another landmark milestone for the team," said Emirates Team New Zealand chief executive Grant Dalton.

"The relationship is one that dates back more than 20 years to the 1995 campaign when the team first won the America's Cup and illustrated what is possible by a team full of talent, innovation and belief and is yet another solid stepping stone in the drive for repeat success in 2017."

The announcement is yet another boost for the team this week after losing government funding.

Prime Minister John Key last month admitted "the end of the road" had come for the Government investment in the team after the America's Cup Events Authority reneged on an agreement to hold the qualifying series regatta in early in 2017 in Auckland.

The decision left the team facing an uncertain future, but backing from two major sponsors is the strong indication Team NZ will be on the startline in Bermuda.

Progress continues on the water with part of the sailing team in Bermuda getting a first hand look at the venue for the America's Cup finals on the Great Sound.

Design work continues at the team base in Auckland while next for the sailing team is training camp on the AC45F in Portsmouth in June in the lead up to the first ACWS event starting on July 24th.