Richard Branson conceded defeat today in his bid to break the transatlantic sailing record after his yacht was damaged by high waves and strong gales. Read previous story here .

“We decided to abandon it on this occasion and fight another day,” Branson told CNN television from his yacht. He added that if the boat could be repaired and ready within the next three weeks, he would have another go before the season ends.

The 30-strong crew, which included both of Branson’s children, set sail from New York on Wednesday hoping to break the monohull sailing record of six days, 17 hours, 52 minutes and 39 seconds.

Branson is now heading to St George’s on Bermuda in order the make the necessary repairs. “If we can get away with this season which ends in two, three weeks time, we’ll do it. If not, we’ll get the boat ready for another attempt in the spring of next year.”