Team New Zealand have enough money to challenge for the next America's Cup, but managing director Grant Dalton says the team will not go unless they have sufficient funds to bring the cup back.
The syndicate had set a deadline of March 31 to decide whether a challenge wasviable, but nine days out from that deadline Dalton said they required more time to ensure they had the best possible chance of winning the cup.
"I am saying that we are at a level where we can go but we will not go until we are at a level that we can bring the cup back," he said.
"New Zealand deserves more than competing in the America's Cup. It is about being there toe-to-toe with the objective of bringing the America's Cup back."
Dalton said they were closing in on their target budget of about $150 million.
The Government will give the syndicate about $30 million provided they come up with at least $60 million themselves.
"We are close, but I can assure you on March 31 we will not be pushing the button ... to be at that funding level that would take us to a winning environment we will take more time," Dalton said.
"It is a bit of a chicken and egg situation where one [sponsor] triggers another which triggers another. We are just in that trigger mechanism."
Team New Zealand have an extensive programme mapped out for the next year, funded with money from private benefactors and past sponsors such as Toyota, Telecom, ASB, Xerox and Air New Zealand.
As well as strengthening work to NZL81 and NZL82, the syndicate have acquired the use of GER68, a boat built by German syndicate Illbruck for the last cup.
The yacht was never raced, because Illbruck were forced to withdraw through a lack of funding.
It will allow Team New Zealand to train on a boat which, due to its narrowness, is similar to those of Alinghi and Oracle.
Sixty people have been contracted, and 35 per cent of those are new to the team.
The 22-member design team are now complete and have started work.
The sailing team are also nearing completion, and there are plans to have three teams racing on the international match racing circuit.
