Team New Zealand has questioned the nature of a funding proposal from former investment banker Mark Dunphy, claiming an offer to fund the team is actually just a loan and the funding is anonymous.
On Friday Team NZ put on a brave face about its decision to delay
announcing the venue for the 37th America's Cup, saying the process had thrown up "three compelling and professional international proposals".
After exclusive negotiations with the New Zealand Government ended in June, the syndicate and the Royal New Zealand Yacht Squadron, were meant to announce the venue for the 2024 cup this week.
Dunphy responded by claiming he was ready to step in with short term funding for the team, matching what he said was the Government's offer of $5 million in short term funding.
In an interview with Heather du Plessis-Allan on NewstalkZB, Dunphy said he believed Cork was not in the running to host the next cup, neither was Barcelona, while a proposal to host the cup in Saudi Arabia was "troubling" and likely to face court challenge in New York.
Friday saw Dunphy release partial details of a letter he received from Bob Field, who now appears to be Team New Zealand's chairman (its website claims Warehouse founder Sir Stephen Tindall is chairman but he resigned several months ago) in which former chairman of Toyota New Zealand said the syndicate's preference was always to host the cup in New Zealand.
On Friday night Team New Zealand confirmed the letter from Field, adding that the same reassurances was provided by Dalton in August in a letter that included a list of questions "which remain unanswered".
Team New Zealand had told Dunphy the funding needed to be provided on acceptable terms.
"We are yet to have received any firm proposal whatsoever from Mr Dunphy."
The statement from Team New Zealand needed to understand the nature of the funding Dunphy was proposing to put forward.
"Mr Dunphy has indicated that the $5m short term funding is a LOAN. ETNZ does not require a loan," the syndicate said.
"Mr Dunphy today has indicated that the funding is anonymous and the team does not need to know where it comes from," Team New Zealand said.
"Clearly we, and no doubt the Government that Mr Dunphy is also counting on to contribute, would not accept any money without knowing where it is from."
Team New Zealand has claimed in public that the delay in naming a new venue is to assess competing bids.
It dismissed Dunphy's claims about the other venues.
