America's Cup: Grant Dalton reflects on how close Team New Zealand came to shutting down

Grant Dalton celebrates Team New Zealand's win. Photo / AP.

Grant Dalton has revealed Team New Zealand came within hours of shutting down, with the team boss getting as far as drafting a press release announcing the syndicate's closure just 18 months ago.

The startling revelation came just minutes after Dalton stepped off the podium following the official presentation of the America's Cup.

The Emirates Team New Zealand chief executive told the Herald that in October 2015 the board of directors came to the decision that the cash-strapped syndicate had no option but to close up shop. Dalton said only a last minute bail-out from an overseas donor allowed Team NZ to stay afloat.

Less than two years after the "darkest day" in Team NZ's history, Dalton was today holding aloft the America's Cup in Bermuda after the young crew led by Glenn Ashby pulled off a dominant 7-1 win over Oracle Team USA.

"We were past shutting our doors," Dalton said, shaking his head in disbelief.

"In my drafts, which I've kept since October 2015, which I wrote on a flight back to England - I keep it as sort of a motivation, is a draft of a press release to shut the team.

"We had a directors meeting that afternoon, we decided we had to shut. I worked through that night and came up with some money by daybreak, and here we are."

Dalton would not disclose who helped Team NZ - the most enduring syndicate in America's Cup history - stay alive.

"It was a combination of people that helped. It was offshore money, and it kept us going."

Team NZ board member Tina Symmans told the Herald in one three-week period in October 2015, the board were meeting an average of twice a day as they fought to fend off closure.

Sir Stephen Tindall, the team's chairman, said he was never willing to accept Team NZ would dissolve.

"I think it is fair to say, right up until today, Grant is a pessimist," said Sir Stephen.

"He painted a picture to us back then that we were finished, but I didn't accept it. We were very close to it, very close."

"It took a huge amount of effort to dig our way out of it, but as Kiwis we are never down and out."

Having had their "backs against the wall" for the entire Cup cycle made today's victory an emotional one for Dalton, who endured a bitter public backlash early on in the campaign after making a plea for more government funds.

"I certainly hugged a few more guys than I normally do, and a few of them had a tear in their eye."

"Credit to Matteo de Nora - he was the first guy I saw. He's just been amazing, as have Stephen Tindall and the rest of the directors. They've just been amazing."

"There were some pretty tough calls we've made when we've been pretty much against the wall in terms of money. It had gone in fact at one stage, and we came back."