The America's Cup has become far more than just a yacht race.

This from the minister in charge, as Team New Zealand looks elsewhere for funding to mount its defence.

CEO Grant Dalton says it's time to explore other opportunities, turning down the 99-million dollars on offer from the Government and Auckland Council.

America's Cup Minister Stuart Nash told Mike Hosking the Government contracted a professional negotiator, who's one of the best in the country.

“We tried hard, it was in good faith. I was always very clear about this, and certainly on your show, that we didn’t have a blank cheque.”

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