I think he tried the later during COVID and it didn't work out, his current boat is the old V&B which finished 10th last go around so is a good boat really.Seems to me up to now it has been for Conrad : buy or rent an old boat, find a sponsor(s) afterwards.
Whether for a lot of the others, it is more : find a sponsor first (sell the program, the image, etc), then buy a recent boat or build one.