Former Team New Zealand linchpin Brad Butterworth claims merchant banker Sir Michael Fay introduced him to his new America's Cup boss, Swiss billionaire Ernesto Bertarelli.
But Butterworth accepts that Sir Michael denies his claims, saying he may be "having an ageing moment".
Butterworth, who with Russell Coutts and several other sailors quit
Team New Zealand in a bitter split after the last cup, said he and Coutts did not quit for the millions they are rumoured to be paid by Bertarelli.
"Let's set the story straight - we never left for the money."
Butterworth said he, Coutts and present Team NZ syndicate head Tom Schnackenberg had worked to ensure a smooth transition from the former team, led by Sir Peter Blake to a new one.
But past team trustees and sponsors did not want them to stay.
"The problem was that the owners and the sponsors never wanted us to carry on with it. Peter Blake had moved on.
"John Lusk, Tom Clarke, Jim Hoare, Roger France, Richard Green.
"They weren't the trustees - they owned it along with the sponsors that were there last time."
The five were directors of Team New Zealand Ltd in the last cup and directors of its charitable trust.
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