The feud over which organisation will represent the majority of New Zealand strong wool growers is escalating.

The issue pits the proposed Wool Partners Co-operative, trying to establish itself in a $55 million to $65 million farmer-funded float - and the long-established New Zealand Wool Exporters Council, critical of the proposal.

Earlier this month, WPC amended its prospectus and for the third time extended its deadline for farmer subscriptions to February 16.

Growers are worried about how the new entity will be funded and operated.

WPC chairman Jeff Grant is optimistic that with $35 million in $1 farmer subscriptions raised so far - representing 56% of the total $65 million sought - the venture will succeed.

“It is an industry that’s been quite diverse in the way that it’s been operated – it’s never had any substantial consolidation,” said Mr. Grant. “As much as we’d like to win the race in a short time, the reality is, you have to understand what the market’s saying to you, and that’s what we’ve done.”

However, Wool Exporters Council executive manager Nick Nicholson says the $35 million represents only 27% of the strong wool clip, meaning WPC will not have the majority of strong wool growers backing it.

But WPC chairman Jeff Grant hopes that changes to Wool Partners Co-operative's prospectus will entice farmers to lift their investment to the threshold required to get the venture under way.

Sheep farmers have been asked to buy shares in Wool Partners at of a cost of $1 a kilogram of annual production -- paid over time -- but so far subscriptions for only 35 million $1 shares have been received.

The original November 30 target of 65 million shares represented about half the nation's greasy wool clip of 130 million kilograms.

WPC has also revised the start date to April 1.