Team New Zealand's boss Grant Dalton says the government's financial offer to host the America's Cup isn't yet enough to do a deal.
The two parties have until tomorrow to exclusively negotiate a deal that would allow Team New Zealand to defend the auld mug on home waters.
From Thursday, other countries can put their own bids in to host it.
The Royal NZ yacht squadron, who Team New Zealand race for, got the latest update from Dalton last night.
Reporter Jean Bell went down to the yacht club.
