After a 14-year tenure as title sponsor of Cowes Week on the Isle of Wight, UK, long-term savings group, Skandia UK, has announced it will not be renewing its sponsorship once the current contract expires in August 2008.

The regatta organisers will now market this great British institution and world-class sporting event as a prime opportunity to alternative sponsors, the intention being to sign new partners in good time for the 2009 regatta.

Cowes Week has grown considerably since Skandia took on the title sponsorship in 1995 and the regatta now attracts over 1,000 boats, 8,500 sailors and around 50,000 visitors over the Week.

Stuart Quarrie – Cowes Combined Clubs CEO – commented: “Cowes Week has an international reach and a reputation that is second to none. Skandia has been a fantastic partner for over a decade but the door is now open for another company to come on board and benefit from the opportunities presented from 2009 onwards. On the basis of an independent valuation, we have a good view of the value of Cowes Week to a potential sponsor.”

Tim Sewell – Skandia’s sponsorship manager- added: “After such a long time as key sponsors of Cowes Week, it’s very sad that this great association will end after the 2008 event but the time is right for us to focus our resources on alternative sailing-related initiatives. We are leaving the event in great shape and I have no doubt it will continue to go from strength to strength as the world’s premier sailing regatta.”

Skandia will continue to be a long-term investor in sailing through sponsorship of Skandia Team GBR, the team in training for Beijing 2008 and through other activities such as the Skandia Sail for Gold Olympic grade competition in Weymouth and as personal sponsor to the Star campaign team of Iain Percy and Andrew Simpson.