America's Cup funding: How close Team NZ came to folding

Grant Dalton has revealed just how close Team New Zealand was to folding as it struggled with money.

Even up until winning the Louis Vuitton Cup qualifier on June 12, he couldn't afford to pay sailors' salaries.

He spoke to Seven Sharp after the team's 7-1 series victory over America's Cup holders Oracle Team USA this morning.

"There's a draft email in my draft folder on my computer which I've always kept as kind of motivation," Dalton said.

"I quite often read it, re-read it to myself. It went something like this 'It's with deep regret' - it's to the sponsors - 'that I regret to inform you that we will be closing on the 30th of October'. And that's how close it was. We were closing that afternoon.

"I came back from a board meeting, I said 'Just give me the night'. And I worked through that night. And I closed a deal during the night which kept us going until that Christmas. And then it sort of went from there. But it's been difficult the whole time."

Of this year's struggle, he added: "Ironically, we pay salaries on the 15th of each month, and until we won the Louis Vuitton a week and a half ago, I couldn't actually pay the 15th salaries so it's been pretty tight."

Dalton was in much better spirits as he celebrated with the team at their Bermuda headquarters.