Team New Zealand have lost out to Oracle BMW Racing in securing veteran American sailor John Kostecki.
Team New Zealand managing director Grant Dalton said yesterday that he understood Kostecki had signed with Chris Dickson's Oracle.
"It is unfortunate from our point of view, but it is not theend of the world," Dalton said.
"He would have been a good one to have, but there are other people and we are already pursuing other options."
Kostecki, an Olympic silver medallist, two-time America's Cup tactician, 10-time world champion in a range of one-design classes, and Whitbread veteran, would be have been a tremendous asset to Team New Zealand, particularly in the back of the boat.
"I don't know what it came down to," said Dalton, "but you would have to imagine money was part of it.
"However, it might have come to the fact he is from San Francisco and so is Oracle."
Dalton said he assumed New Zealander Ross Halcrow would follow his long-time friend Kostecki to Oracle.
Team New Zealand now had 37 people signed in the areas of sailing, design, sails, rigs and administration.
"In every case there is part of the old in there," Dalton said, "but it has been refreshed as well."
He said it was too early to comment on any of the signings, but he was excited by progress in the design area.
Team New Zealand are in the process of moving into the old OneWorld base further down Halsey St.
Dalton, former Team New Zealand chief executive Ross Blackman and executive director Tony Thomas will head to Japan, Europe and the US next month to meet potential sponsors.
"If you ask me if we've funded the campaign yet, the answer is no,"Dalton said. "Do I know if we are going to be there or not? No I don't. Am I feeling more confident? Yes ... but I am still worried."
