WELLINGTON, New Zealand (CBS/AP) — Emirates Team New Zealand skipper Dean Barker said “the vultures are already circling” the defeated America’s Cup challenger and that the team will likely fold unless action is taken to secure its future.

Barker told New Zealand’s TV3 network that “a small window of opportunity” existed to raise the funds needed to continue and ensure a fresh challenge for sailing’s oldest trophy.

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Team New Zealand, partially funded by the government, led 8-1 before being beaten 9-8 by Oracle Team USA in the America’s Cup Finals series that ended last week on San Francisco Bay.

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Barker said rival teams were poised to swoop in on New Zealand’s top sailors.

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