KEY POINTS:
It is a day after Team New Zealand's final race against Alinghi and an exhausted Grant Dalton is sitting in the Valencia base.
"I only had a few hours sleep last night," he says. "It wasn't really sleep, it was a haunted doze."
Outside, team members are gearing up for a barbecue with family and friends to mark the end of what has been a gruelling four-year campaign.
In one section, tables and chairs are being laid out, in another a stage is being set up presumably for the team's in-house band featuring Tony Rae, Ray Davies and George Jakich.
The last time the band played was after thumping Luna Rossa 5-0 in the Louis Vuitton final. The feeling is tonight's performance will not quite be as electric.
While there is a sense of disappointment around the base, in the eyes of most Kiwis, Team NZ have restored the nation's pride in yachting which was rather dented during the last defence in Auckland.
They are being perceived as a team that gave their absolute all, only to go down fighting against a team that was just fractionally better and fractionally faster.
"We threw the kitchen sink at it," Dalton said.
"I don't think, without hindsight, you would have changed anything. That is everything I had."
Dalton is keen to carry on as managing director but wants his performance in this campaign to be reviewed first.
"If the All Blacks don't win the World Cup, I am sure Graham Henry will get thrown on the fire. So I have talked to the directors and said I will apply for the job.
"No way would I stand in their way or if the team felt there was a better person for the job. It is not about me."
He will, however, stay in Valencia for the next few weeks where he will meet sponsors and potential team members.
"When I go home and realise my car doesn't start, you are losing time," Dalton said.
"I think you have to take yourself by the scruff of the neck and work hard to re-establish things.
"Which is hard ... it is 25 hours since my world came down."
The Government will give Team NZ $10 million to help secure key team members while a number of their sponsors, including Emirates, appear keen to continue.
Team NZ's budget for this campaign was around $150 million, if the next cup goes ahead in 2009, Dalton said their budget will be less but not halved.
"If it is $10 to do a campaign for four years, it is not $5 to do it in two years, it is probably more like $7.50."
Dalton believes it could be to his team's advantage if the next cup is in 2009. Unlike Oracle, who will have to rebuild from scratch, Team NZ have a strong platform to build from.
However, by failing to achieve their goal this time, some changes and improvement will need to occur.
"We will review what we need to strengthen up. For sure, we were not good enough," Dalton said.
"If you keep things the same, you won't stay the same, you will go backwards and you will get passed on the outside lane on the motorway by all the other syndicates.
"I am conscious of that and creating an even sharper edge is fundamental. I have said to the guys that Team NZ will look after its own and I mean that - but we have to recreate an edge too, a stronger, harder edge.
"Last time [in 2003] it wasn't good enough in every area, this time it is probably not quite good enough in every area.
"Every area of the campaign needs to be reviewed and improved, so I think the process is not a lot different from last time.
"It is certainly not going to be as brutal. It is not a witch hunt but every team needs to ask themselves tough questions."
It would appear most, if not all, of the Team NZ sailors who took part in the racing will stay. Backup helmsman Ben Ainslie is expected to leave so he can join Britain's Origin.
"If guys want to go they will go," Dalton said.
"We won't get into a push-pull contest. The Kiwi-ness, the unity, what has been so good about this team is the way that it has bonded and, as it has turned out, punched above its weight.
"Those are the people that we want to stay. That will keep the place strong."
