Team NZ look set to challenge for America's Cup

8.15am

Team New Zealand is likely to confirm today that it will challenge for yachting's America's Cup in Spain in 2007.

A team spokesman said the syndicate would reveal its major sponsor at a function in Auckland this afternoon.

While the spokesman would not say so, the sponsorship announcement would indicate that a challenge would be mounted.

Syndicate head Grant Dalton has said previously that Team NZ would go to Valencia only if it had enough funding to be competitive.

There has been speculation in recent weeks that Team NZ was about to conclude a deal with Dubai-based Emirates Air.

Team NZ, which won the cup in 1995 and retained it in 2000, lost the trophy to Swiss syndicate Alinghi last year.

- NZPA