Challenge Business has announced that the Global Challenge Round the World Yacht Race, due to be run in 2008/09, is to be postponed after being unable to secure a title sponsor.

The race, sailed against the prevailing winds and currents firts took place in 1992 and was widely acclaimed as a groundbreaking concept, with ordinary people having the chance to achieve the extraordinary, within the hitherto elitist world of ocean yacht racing. Subsequent races saw the event attract an increasing number of multinational corporate sponsors, who valued the unique ‘human-interest’ marketing platform that the race offered.

However, the lack of a title holder means that the company is unable to commit to the refit of the yachts, which requires a long lead time, and is essential in maintaining the event’s safety reputation.

Sir Chay Blyth, Chairman of Challenge Business said: “The Crew Volunteers have been told and it is for them that I genuinely feel so very sorry. A great deal of them have shaped their lives present and future around this event.

“The search for a title holder will continue; it is such a great event for such great people. We will now consider what options there are for running the event in later years.”

Around 80 per cent of the crew for the race had already signed up for the fifth running of this famous race. As with previous editions the crew come from all walks of life, all hoping for the adventure of their lives as they sailed around the world.