Prime Minister Bill English backs Government's decision not to fund Team New Zealand

Prime Minister Bill English says his Government has no regrets about its decision not to fund Team NZ's ultimately successful America's Cup bid.

"It just shows that they've been able to do it without extensive government support," he said this morning.

"I have to say, there was a good deal of public scepticism and government scepticism at that time [2013] which is why it is so good to see them with this sheer brilliance winning back the support of the public for what is a fantastic yachting tradition in New Zealand."

Speaking to reporters at Parliament, he reserved special praise for Team NZ boss Grant Dalton and the group of sponsors who "kept the faith in the dark days after the last defeat" in San Francisco.

"It's great to see them getting the satisfaction of victory."

The National-led Government invested $5 million after the 2013 loss to keep Team NZ afloat, but decided against funding its challenge for the cup.

English said it was still too soon to make any commitments about funding Team NZ's defence in 2021.

He said the Government had not held any discussions on the matter, and that this week it would be focused on celebrating the win.

"Then I'm sure there will be discussion and I'm sure the Government is open about talking with Team NZ about the challenge and the Cup coming here."

He warned that there could be "a big bill attached" to hosting the regatta in New Zealand.

"But let's just enjoy the moment and the hard bargaining will come later."