Emirates Team NZ boss Grant Dalton has made a rare appearance at the Royal New Zealand Yacht Squadron's (RNZYS) annual general meeting to reassure members everything that could be done to keep the America's Cup on home waters has been done.
The RNZYS wants to see the America's Cup defended on the Hauraki Gulf, despite all signs pointing to an offshore campaign, with Ireland's Cork, Spain's Valencia and Saudi Arabia's Jeddah mooted as venues.
No decision on the location has been made, with the announcement delayed until March 2022, after Team NZ revealed the protocols for the next edition of the cup last month.
Dalton hoped to win over the RNZYS and gain its support for the next defence.
Secondly, Dalton wanted to clear up what he and Team NZ feel is misinformation over a home defence, funded by Kiwi rich-lister Mark Dunphy.
Dunphy has attempted to personally commit funds that would secure Auckland as the venue, but Team NZ allege the millionaire worked behind closed doors to undermine the Royal Yacht Squadron of the UK, the current Challengers of Record.
As a result, Team NZ refuse to deal with Dunphy, who has also called for Dalton to be axed as team boss.
Dunphy asserts he has the money needed to fund a home defence and the $50 million shortfall could be made up by revenue form the event.
At Thursday's meeting, Dalton refuted that claim, insisting any profit is already accounted for in funding Team NZ's campaign.
"There is no prize money for winning the America's Cup but you do become the rights holder of the event," says Dalton.
"Along with this though is an increased financial challenge and obligation by adding the cost of the event organisation to the already significant cost of mounting a defence on the water.
"As has been the practice over numerous different America's Cup campaigns, if the costs of the event have been underwritten with a venue fee, as rights holder the Defender can use any additional funds raised to help finance the costs associated with the defence by the team."
Team NZ's campaigns in 2000 and 2003 were both funded using event income.
"Having the event in Auckland with a $50m shortfall in the budget, you can bet your bottom dollar [Team NZ] will inevitably lose and this will lead to its demise, when up against the budgets and strength of teams like Alinghi, INEOS Britannia, Luna Rossa and American Magic," Dalton adds.
"This is in fact a hard reality that Dunphy & Farmer have spun into a ‘threat’ via their aggressive PR campaign."
The current frontrunners to host the 2024 event are Saudi Arabia's Jeddah, Ireland's Cork and Spain's Barcelona.