Joseph Parker's management company Duco Events has withdrawn its application for Government funding in its bid to hold a heavyweight boxing championship fight in New Zealand.
Parker, 24, is set to fight Mexican Andy Ruiz for the WBO heavyweight title.
Duco had applied for government funding to get the fight to Auckland, resulting in some public backlash for the company.
At a press conference, Duco owner David Higgins said the issue had become "political dynamite".
"To hold the event in Auckland now will be pretty tough," Higgins said.
Duco needs to raise a seven-figure sum to hold the event in New Zealand.
Higgins claimed there was widespread misinformation among the public regarding their bid for government funding, and that Duco were merely looking for a slice of a fund committed to major events rather than extract money earmarked for other areas.
"We weren't looking for something for nothing," Higgins said.
"We were saying to the government we will give you international profile, visitation from around the world, GDP into the economy, potential investment opportunities.
"We will give you all of that, but in return we need this investment."
Speaking at the same press conference, promoter Dean Lonergan said he still believed Auckland was the best option for the fight, although time was running out to secure funding.
If Lonergan cannot do the necessary deals before November 5, the fight will be promoted in the US by Ruiz's manager Bob Arum.
"We're going to work with our partners and try to find new partners," Lonergan said.
"We've been talking to major potential sponsors, but the clock is ticking."
Speculation on a US venue for the fight has focused on California, Las Vegas and Texas.
Parker had previously won the right to fight Anthony Joshua for the IBF title when he beat Carlos Takam earlier this year.
However the Kiwi will forfeit that opportunity when the WBO bout is confirmed.
Newshub.
