Alan Bond is a fighter but his current condition isn't good, Australia's America's Cup-winning captain John Bertrand says.
Mr Bond is in Perth's Fiona Stanley Hospital after being placed in an induced coma following heart surgery on Tuesday.
"You know, he is a fighter, we know that, he never gives up but he was going in for a replacement heart valve and it hasn't turned out as one would hope," Mr Bertrand, who sailed Australia II to victory in 1983, told Nine Network on Thursday.
"Hopefully he will come through it but to be honest it doesn't look good, doesn't sound good."
Mr Bond bankrolled the America's Cup win, which stripped the New York Yacht Club of the trophy it had held for 132 years.
The victory delighted Australia, with then-prime minister Bob Hawke declaring an impromptu public holiday and warning that any employer would be branded "a bum" if they sacked workers for taking the day off.
Mr Bertrand recalled the win against the Dennis Conner-captained vessel Liberty in September 1983 as one of Australia's greatest sporting moments.
Mr Bond became a national hero, but by 1992 he was bankrupt and eventually served two jail terms for fraud.
Mr Bertrand pointed out that Mr Bond was still in his 30s when he first challenged for the America's Cup in 1974.
Mr Bertrand said he was feeling "reflective" given Mr Bond's condition, which the family had described as "not good".
"I've known Alan for a long, long time and he has had his ups, of course, and his downs," Mr Bertrand said.
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