Team New Zealand claim they're the victims, not the villains, as alarm bells ring over their handling of public money.
The Government has began investigating, after it became "very concerned" by what it was hearing, including $3 million being paid into a Hungarian bank account through fraud.
Team NZ chief executive Grant Dalton claims they were the ones defrauded by scammers and now the Police Financial Crime Unit has been called in.
Dalton tells Newshub he thought the money was going to a contractor involved in television production.
He also "completely categorically" says the team and the America's Cup event haven't misused public money.
"If my word is not enough, then I have directors that can say that too," he says, adding he can "absolutely" prove that.
"It's scandalous, there's no doubt about it."
Dalton fired a Kiwi contracting company brought in to help run the event, claiming they leaked sensitive information and were also the ones who set up the Hungarian payment.
"There was an incorrect bank detail - or a fraudulent bank detail - on an invoice and the invoice was approved by me."
With such serious allegations swirling, the Ministry of Business, Innovation and Employment (MBIE) had threatened to withhold the next installment of public money.
The Government and Auckland Council have poured $250 million into hosting the event, which is due to take place next year. The council has given $133 million and the Government has contributed $136.5 million.
On top of that, a $40 million hosting fee was also given. Auckland Council has spent another $100 million on transforming the waterfront.
When asked if he could trust Team NZ, MBIE Minister Phil Twyford wouldn't directly answer, instead saying a review was underway and different claims were being made.
Other claims include a lack of record-keeping by the event company and an unwillingness to provide information.
"We held some information back, because we were worried that we had moles in the organisation that leaked," says Dalton. "We do, we dealt with them, now we're answering the questions."
Dalton hopes New Zealanders can trust him and the team, despite the claims, but admits "they'll have to make up their own mind about that".
