Tom Slingsby remains hopeful of getting an Australian team for the next America's Cup but warns the longer it takes the more local sailing talent will be poached.
With uncertainty over the proposed Australian challenge in New Zealand in 2021, the 2012 London Olympic Laser gold medallist hasn't ruled out contending for a spot at the 2020 games.
Entries for the 36th America's Cup don't open until January 1, 2018.
Slingsby, who was part of Oracle Team USA's America's Cup campaigns in 2013 and 2017, has spent much of his time since the conclusion of this year's competition trying to get an Australian challenge organised for the next one.
Official entries for the 36th America's Cup open on January 1, 2018.
"We haven't got the team done yet but we've had a lot of important meetings go well and it's still an an ongoing process," Slingsby said.
"We definitely aren't there yet and we don't have a lot of time. We've got to raise a lot of money.
"But I am still remaining hopeful that we'll get an Australian team into the race.
"If we had the money and we could announce (that) tomorrow, we would be in a lot better shape than if we announced in three months.
"The problem is the longer we wait the more we lose Australian talent overseas."
In the interim, InfoTrack skipper Slingbsy will race with and against many 2017 America's Cup sailors in this year's Sydney to Hobart yacht race.
Another Olympic campaign could be an option for him if the Australian America's Cup challenge for 2021 doesn't eventuate.
"I'm obviously putting all my time and effort into this Australian America's Cup team but if for some reason that wasn't able to happen, everything is on the table," Slingsby said.
"Possibly Olympics, possibly another America's Cup campaign with another team."