Team NZ's major sponsor stands by team

Team New Zealand's challenge for the 35th America's Cup in Bermuda is back on track as it adjusts to life without Government funding.

The team's major sponsor, Emirates, today confirmed their continued financial support of the team, in the hope they would encourage Team NZ's other long-term backers to recommit.

It will be the third campaign the airline have sponsored.

Emirates Team New Zealand chief executive Grant Dalton said the response to securing funding for the challenge had been encouraging.

"We have made considerable progress because the Emirates Team New Zealand brand is an international leader, well recognised in the sport. Emirates airline has been with the team since 2004 and their decision to stay with us is important. We are fortunate to have such loyal and committed sponsors," said Dalton.

Dalton paid tribute to the many sponsors and suppliers - including Emirates - who have stood by the team in the hard times since the end of the 34th America's Cup in 2013.

Team New Zealand's first outing in the next campaign is an America's Cup world series event, sailed in the smaller, one-design AC45 catamarans, in Portsmouth in July.

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 today's announcement is the strongest indication yet Team NZ will be on the startline in Bermuda.