Backers of a proposed dairy factory near Gore are running out of time to secure capital for building to be completed in time for the 2011-12 season.
Mataura Valley Milk plans to start producing milk powder at the McNab site but cornerstone shareholder, Ian Tulloch, said they were still looking for the right people as partners.
While committed to the project, Mr Tulloch said in an interview the backers would not build at any cost, and were looking for the right investors.
Mr Tulloch declined to reveal the amount of money he was seeking, but said they had a base factory model they were working on.
He dismissed rumours he had sold one of his four Southland farms to invest in the venture, saying the properties were all part of an integrated system.
Earlier this year, Mr Tulloch sold Tulloch Tranport's South Island road freight division to reduce management demands.
Mataura Valley Milk had planned to build a $90 million plant in time for this dairy season, but changes on the board and the shareholding last September saw Mr Tulloch and Singaporean businessman Alan King step in and pick up the pieces.
Other shareholders were from the United Kingdom, Denmark, Hamilton, Wellington and Hawera.
