Auckland's mayor says he hasn't seen a draft report into alleged fraud surrounding the America's Cup

The report, commissioned by MBIE, exposes a potential incident in which more than a million-dollars of event money was paid into a Hungarian bank account.

Phil Goff says Auckland Council didn't contribute anything to the 40-million dollar fund from central Government.

He says it looks murky -- and nobody's sure if there's truth to the allegations.

But, he says it's being investigated thoroughly.