Team New Zealand boss Grant Dalton has defended his organisation against "a highly orchestrated attack on our integrity and credibility".
The Ministry of Business, Innovation & Employment has suspended funding of next year's America's Cup regatta, while it investigates claims of fraud directed at event management.
But Dalton has responded to speculation over his team's activities, reassuring supporters, sponsors and partners that they are innocent of the charges, and are cooperating fully with the probe.
"Peeling back all the layers of what is going on here, it is a textbook case of 'International Reputational Damage 101'," he claims.
"It is a deliberate, sinister and highly orchestrated attack, which includes anonymous tip-offs, recordings and document leaks.
"'Informants' orchestrate unfair accusations, bypassing normal processes and going straight to external authorities. The authorities quite correctly look into the claims.
"Once that process begins, the claims are leaked to media to create a kangaroo court trial, by specific media, before the target has had a chance to clear themselves through proper process.
"And even when the claims are proven inaccurate or wrong, the reputational damage is done."
The saga began earlier this week, when Team NZ and America's Cup Events identified leaks within their ranks and dismissed contractors whom they claim were "informants".
In turn, the contractors insisted they were merely "whistleblowers", who came across the information and divulged it to the proper authorities.
Allegations include a "reclassified" $3 million loan and fraud involving a Hungarian bank account.
On Friday, Prime Minister Jacinda Ardern fended off questions over her trust in Dalton and Team NZ, insisting the MBIE investigation should be completed before judgment was past.
But Dalton, a hard-nosed and often abrasive sailing icon, has front-footed the accusations and the ongoing inquiry.
"A huge irony is that one of the points we have been criticised [on] in the interim report is that we have not been forthcoming in providing highly confidential and commercial information," he says.
"The reason we did not want to provide elements of this information was because we held serious concern about the lack of confidentiality in the process. Clearly, we were quite right about that.
"The reason we have been seriously concerned about the media reporting on the initial, incomplete and now 'leaked' report is because it will give competitive advantage to our on-water challengers during this and subsequent campaigns. We have had to take all actions available to protect that information and our competitive positions."
None of this intrigue is new to the America's Cup, which carries the reputation of being one of the world's most controversial sporting events, as much off the water as on it.
"I want to emphasise, as we have all week, that any outcomes from MBIE's investigation can and will be worked through to ensure we deliver a great event and a successful campaign," says Dalton. "We will work with the Government and project partners to ensure this.
"As a team, all we want to do is defend this America's Cup successfully in March 2021 and showcase to the world what an amazing country we have through a successfully run and broadcast event."
