The Prime Minister's signalling other backers may be a bigger factor than the Government in Team New Zealand's future funding prospects.

John Key says ultimately the location of the regatta may be a factor in whether the Government gives Team New Zealand more support.

But he says the Government's only one possible funder and not the biggest.

"In the end, if it's held in Bermuda versus say, some other part of the world, then it may have an influence on the appeal, if you like, of those funders but that's not something I've had advise on at this point."