Andrew Pindar, chairman of G. A. Pindar & Son Ltd, made this statement today:

“I am delighted to confirm that Tracy Edwards has made a full repayment of all money outstanding from a loan of £550,000 that was made to her in 2002. “Whilst I recognise that the legal action we took in September in order to formalise our agreement with Tracy created an unfortunate and regrettable public dispute, I would like to make clear that it has always been our desire to see Tracy succeed in her ambitions. We have great admiration for her tenacity and bravery, and are thankful of the opportunities she has provided other people in sailing – not least to Emma Richards, whom we have sponsored for the past six years, and who, of course, broke into the sport at a professional level thanks to Tracy’s endeavours.

“As we jointly stated in September when a schedule for repayment was formally agreed, neither party was in disagreement over the repayment of the loan, and all concerned are delighted that the matter can now be drawn to a close. We wish Tracy well for the forthcoming Oryx Cup, which I’m sure will be a great success.”