Team New Zealand boss Grant Dalton's latest mission to Europe could seal a huge slice of the last $30 million needed to ensure a super-charged challenge for the America's Cup in 2007.

The straight-shooting Dalton, who has presided over the restructuring of the shattered 2003 team which lost 0-5 to Swiss syndicate Alinghi, said Emirates Team NZ had secured all but about 20% of the reported $150m budget needed to mount a strong challenge.

A lot of the positive interest in Team NZ comes from it winning the pre-America's Cup overall title in Valencia two months ago, proving to corporate giants that it can rise from the ashes of 2003 and serve it up to the billionaire owners of Alinghi and United States contender Oracle.

Dalton hits Dubai this weekend, then travels in Europe to meet what he calls "major names".

"They are significant companies in their own right", Dalton said. "All companies that certainly can afford to do it and who have indicated they want to talk to us."

But he knows there are no givens in the world of sponsorship.

"In the end they've got to buy into the dream and that's the key." He is satisfied Team NZ is in fine shape. "It is a big shift from where we were in June", he said.

"Financially, there wasn't a cent. Every kid's piggy bank that we could lay our hands on was being robbed at that stage.

"We had a sigh of relief that we'd made it to the critical mass, then got involved in the regattas (in Valencia). The Valencia regatta result doesn't create money but it sure as heck makes the conversations easier".

"If a company is now interested in the America's Cup, we become a serious player or certainly on their radar. It's not beyond their wildest dreams that we could win."