Victory Challenge are determined to live the America's Cup dream of their syndicate head Jan Stenbeck.
Stenbeck, 59, died of a heart attack on Tuesday at the American Hospital in Paris, after a brief illness.
The team were told of his death just hours after the launch of theirsecond cup yacht, SWE73, in Auckland.
This week syndicate flags flew at half mast. At the Victory Challenge base, a candle flickered alongside a picture of Stenbeck, surrounded by flowers and letters of condolence from the sailing world.
The date and location of Stenbeck's funeral have yet to be confirmed.
Victory Challenge project manager Mats Johansson had been in daily contact with Stenbeck since the start of the project with the purchase 2 1/2 years ago of the Black Magic boat NZL38.
"He was very involved in the project with all decisions," Johansson said.
"This is a big loss for us but what we need to do right now is continue in the direction he has pushed us.
"We don't want to stop or change our challenge at all."
One of Sweden's wealthiest people, had developed an extensive network of media and telecommunications companies.
His seven listed companies were worth about $US10 billion ($21 billion) at the beginning of the year but their value had fallen recently. Stenbeck's personal worth was estimated to be $US800 million.
The main Victory Challenge sponsors - Tele2, MTG, and Metro - were founded by Stenbeck but the syndicate would not reveal how much money he had spent on the challenge.
"The campaign is in safe hands," said Johansson.
"We have received clear instructions to carry on with Jan's wishes.
"I think now everyone in the team will do the best they can to honour Jan Stenbeck."
Stenbeck was a keen sailor but had no plans to sail with the team. However, he was to have returned to Auckland next month from his Luxembourg home to support them in the Challenger series starting on October 1.
