Economic Development Minister Steven Joyce says he'll meet Team New Zealand skipper Dean Barker in the next few days to discuss funding for another America's Cup Challenge.
The Government invested $36 million into the syndicate for this year's challenge - money committed by the previous Labour-led government.
Mr Joyce on Wednesday said he needed to see what kind of proposal Barker and his crew had put together.
"It's not just about the Government. It's not going to the Government challenge. It never has been," he said.
"It's whether the Government can assist alongside other sponsors. They've got some work to do. They know (that) and they're doing it."
Mr Joyce said it would be fantastic to see Team New Zealand mount another challenge but it needed need time to figure out what it wanted to do.
Prime Minister John Key earlier said the team's future depended on whether individuals wanted to stay and whether it could secure enough public and private funding.
"We now know there's going to be a challenge in four years' time. The question for New Zealand is 'do we want to be there or not'," Mr Key said.
"If we do, probably inevitably the Government will have to put in some money.
"But, like all of these things, you have to assess them on the merits of not just what happens on the water but what are the economic benefits to New Zealand."
Mr Key said he understood the team was under a lot of pressure.