American sailor Chris Poole, a Falmouth native, said an 11th-hour entry into the America’s Cup is still possible for his Riptide Racing team.

Poole said Thursday he has a verbal commitment of $15 million from a United States-based company. But the paperwork — and the money — are not in hand.

That means Poole has five days to find another big-money donor to cover the 5 million euro entry fee (about $6 million) to join America’s Cup 38 by Tuesday’s deadline.

“We need a $6 million loan to pay the entry fee,” Poole said.

The major sponsorship commitment would then cover repayment of the loan. The remaining funds, combined with the other pledged entry-dependent support, would provide enough funding “to get us to the end” of the America’s Cup 38 cycle, which will be contested in Naples, Italy, in 2027.

The America’s Cup is the world’s most prestigious regatta but is in danger of not having an American entry for the first time in its 175-year history.

Poole announced his intention to pursue an America’s Cup bid in December. At that time, the entry deadline was Jan. 31. With only three-time defending champion Team Emirates New Zealand and four challengers in the field, the deadline was extended to March 31.

Poole is the top-ranked match race sailor in the world since 2022, according to SailWorld, and held that spot continuously over the last three years. He lives in Oyster Bay, New York.

His bid to enter the rarified waters of the America’s Cup is a grassroots effort compared to the well-heeled teams that have competed in multiple America’s Cup cycles.

British syndicate Athena Racing is the challenger of record. Owner Ben Ainslie and his former business partner, Jim Ratcliffe (co-owner of Manchester United soccer club), are now in a legal squabble about who owns the racing sailboat. The other challengers are Luna Rossa (Italy), Tudor Team Alinghi (Switzerland) and K-Challenge (France). Together with Team Emirates, the five teams are part of the America’s Cup Partnership. The ACP’s stated purpose is to create a (somewhat) cost-conscious, biennial competition that still promotes the top sailors and nautical innovations.

In recent weeks, another syndicate with American ties has been rumored to be ready to enter. According to Sailing Illustrated and repeated by several sailing publications, it would be financed by Czech Republic billionaire Karol Komarek, who lives in Switzerland. Komarek’s challenge would feature American sailor Ken Read as its captain and CEO. The club would have its base of operations in America, likely in Pensacola, Florida, where the U.S. team American Magic that competed in the 36th (2021) and 37th (2024) America’s Cup regattas is housed. Sailing Illustrated host Tom Ehman said he’s heard Komarek’s group would buy all of American Magic’s boats and equipment. Other reports have said American Magic isn’t selling.

Time, and in Poole’s case funding, preclude building a new AC75 monohull sailboat, the design used at the past two America’s Cup events. That means any new entry will need to purchase an existing boat. When sailing at top speed, the hull is lifted completely out of the water, with the boat balanced on one or both hydrofoils, producing the visual effect of a futuristic hovercraft.

Poole said his team is “in negotiations” to purchase an AC75 used in 2021. It would need to be retooled to meet the current regatta standards. Poole said in tests conducted by New Zealand, the older boats are within “three to five seconds” of newer models, a speed differential that could be overcome with superior sailing.