Other syndicates will attempt to poach the likes of Peter Burling from Team New Zealand, Prime Minister Bill English has warned.

After the 2013 Cup, the Government contributed $5m to keep Team NZ together until it decided whether to mount another challenge. No further taxpayer funding was put in.

English was asked this morning what money the Government might stump up to help Team NZ defend the Cup - and to get Auckland ready to host it.

"It seems like after each America's Cup they all poach each other's crew. And they will all be after ours, because they're the best. So, I imagine there will be some discussion starting once they have finished their well-deserved celebrations," English said.

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"We are open to the discussion. The value to New Zealand of being able to run it here could be very positive. They will have their own commercial arrangements, so when they are ready the Government could be ready for a discussion. It could be a bit of a hard bargain."

Asked what he meant by that, English said that in the past the Government had made some large contributions, but the public liked to see there was clear value for New Zealand.

"The discussion is further down the track, let's just enjoy the celebration," English said, adding he would like to be in Auckland for the expected ticker-tape parade.

Auckland Mayor Phil Goff has this morning already said the council won't have much money to spare, and its spending priorities were on roads and other infrastructure.

English said he didn't want to start "some kind of three-way negotiation while they are still drinking the champagne".

It was unclear what upgrades to Auckland would be needed to run a successful event, the Prime Minister said.

"Auckland waterfront has changed quite significantly since last time. There is an enormous amount of building going on there."

Sports Minister Jonathan Coleman watched the race at Wellington's Royal Port Nicholson Yacht Club, and said today was one of the great days in New Zealand sport.

"The whole country is ecstatic and it couldn't be better really, could it."

Immediately after the win, he texted Team NZ boss Grant Dalton and backer Sir Stephen Tindall to tell them Government was "open to discussion on a whole range of things". Though he noted that the next event was Team NZ's "baby" and it would have a large say over where and how it was held.

He didn't want to comment on whether the races should have been shown free-to-air.

"I don't think people are focusing on that today. I think there has been plenty of opportunity for people to watch it and people are just very happy that the America's Cup is coming back to New Zealand after a long time, lots of ups and downs over the years."

Deputy Prime Minister Paula Bennett had some novel suggestions for locations to host the next regatta.

"I've just been having a wee giggle because friends of mine from Taupo have just texted me saying 'This is the place for the America's Cup challenge!'"

Bennett also suggested hosting it in her own stomping ground, West Harbour.

"The Westies would love it out there, I'm sure. [Or] Hobsonville Point, that's another part of my electorate - there you go."

Labour leader Andrew Little said the cup had been won by "good, solid, humble New Zealand blokes" who had "done a fantastic job". He paid tribute to Dalton and Tindall, saying they had supported the team through difficult times.

The Government should be involved in the next America's Cup, he said, while noting that the funding should be for economic development and showcasing New Zealand rather than simply supporting Team NZ's defence of the cup.

Little said hosting the event in Auckland could put further pressure on Auckland house prices and infrastructure, and there was "a lot of work to do to get the city ready for a regatta in four years' time".

New Zealand First leader Winston Peters said Team NZ deserved the admiration and gratitude of the whole country.

"It was a massive challenge to keep the faith with their cause after the result in San Francisco in 2013.