Dean Barker explains the processes that are currently underway and how they see the next Challenge being put together.

"We are still continuing to pack up at the Valencia base", he said. "We are sending everything back to Auckland to be prepared for whatever happens in the future. It is no far away and depending on what is announced in terms of pre-events and things."

"You’ve got to believe that something will happen next year at some stage. At the same time we will be continuing on with the research and development which will be the key to the next event and building a fast boat."

"We’ve retained about a third of the people in different areas we figured that it was important not to continue or just roll over with exactly the same people", he added. "We have to be able to change or otherwise we will go stale and won’t take the next step. While this team is a hell of a lot better than it was in the past it still not quite there, and we have certain areas".

As a sponsored team without a billionaire in the background, how vulnerable do Emirates Team New Zealand feel about having key players poached by the more well-heeled teams?

"Right now of the key guys we wanted, there are not many that haven’t actually re-signed', explained Barker. "The thing with this team which is our biggest strength, without question, is the people, the environment and the culture that is within the team."

"The guys that were involved want to be involved again. The backbone that we need to be successful is in place, and we need to identify the things we can do better."

By example, it appears Terry Hutchinson will remain with Team New Zealand, details of which are still not finalized. Hutchinson told The Capital yesterday he has signed a "letter of intent" that stipulates he will attempt to negotiate a new contract with Team New Zealand before considering offers from rival syndicates.

The agreement, which was signed July 7, gives Team New Zealand the first opportunity to hire Hutchinson once the format for the next America's Cup is settled.

"I've proven my value to the team and I think Grant respects my contributions, so both sides felt comfortable making this good faith agreement," Hutchinson said. "My intention at this time is to continue sailing for Team New Zealand."