Mr Peni said while the Ngati Rereahu trusts were interested in purchasing just two farms, the Supreme Court challenge by necessity involved the entire portfolio of 16 farms.
He said shareholders in his trusts were unable to fund the Supreme Court challenge but "we have another party that has offered to fund us in the best interests of all New Zealanders".
Mr Peni was not at liberty to identify the "well loaded" individual who had made the offer but it was not Sir Michael Fay, he said.
Investment banker Sir Michael Fay, who made millions through his involvement with the privatisation of state assets during the eighties and nineties, last month said he felt "disenfranchised" by the Court of Appeals decision and he was abandoning his challenge to Shanghai Pengxin's bid.
In a statement, Sir Michael said he felt "disenfranchised" as well as disappointed by the decision.
"We are all disappointed - especially our two iwi members - to see this significant parcel of highly productive dairy land pass out of New Zealand ownership."
