Whitbread's global race sold for pounds 7m
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Whitbread is pulling out of the British-based round the world yacht race it established nearly 25 years ago and selling it to Volvo.
No financial details were disclosed, but the Swedish car, truck and marine engine manufacturer is thought to have paid between pounds 5m and pounds 7m for its sponsorship this year and future sole title rights. Volvo's move follows a decision to pull out of equestrian events it has backed for 20 years.
At Whitbread's London headquarters yesterday, the company's chief executive, David Thomas, said the seventh race, which starts from Southampton on 21 September, would now be called the Whitbread Round The World race for the Volvo Trophy. From June 1998, the Swedes will take over entirely.
The news is good for grand prix sailing worldwide, but it reflects the growing discomfort which Whitbread has felt paying for and managing a pounds 10-12m global event carrying a brand name the promotion of which is confined almost entirely to the United Kingdom.
The future shape and organisation of the race could change under Volvo's patronage. The eighth race is scheduled for 2001 and before that start and finish points, route, and type of boat will be reviewed. The Whitbread 60 boat could still be used, but Volvo may decide to change that too.
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