GBR Challenge's America's Cup campaign could be sunk before it has left the pontoon. Just a month remains before the expiry of the founder and chairman Peter Harrison's deadline for sponsorship funding to arrive.

The team, who were beaten in the quarter-finals of the qualifying regatta for the last America's Cup, launched a quest last May for a sponsor willing to inject £3.25m a year (around €5 million). But though "significant conversations" are under way with a number of "global brands", Harrison has indicated he will pull the plug on the operation if funding is not secured within five weeks.

"Peter Harrison can't underwrite [the team] beyond June," said GBR Challenge's head of sponsorship and marketing Leslie Ryan. "He funded the campaign 100% last time but said it would be 50% this time. If no partners are found the team won't progress forward."