The future of the Cowes Week regatta is under threat after organisers said that failure to find a headline sponsor meant having to plunder reserves to enable this year’s event to go ahead as usual.
Joining, amongst others, the Epsom Derby and West Ham United FC, the world’s oldest and largest sailing regatta is the latest victim of purse-tightening in the world of sports marketing.
The annual event which attracts 100,000 to the Isle of Wight each August, has been struggling for nearly a year to replace financial services company Skandia as its title sponsor.
Stuart Quarrie, chief executive of Cowes Week Limited, said on Monday that if last minute negotiations with prospective sponsors failed to bear fruit, it would fund this year’s regatta by using up two-thirds of its reserves, implementing cost-cutting measures and increasing entry fees.
Cowes, where 1,000 boats race each day, can expect to lose some corporate entrants this year, particularly from the banking sector, but is confident that with its contingency plans in place and a number of new and existing supporting sponsors, numbers will hold up.
A new headline sponsor will still however be required to fund next year’s event, and continue a British tradition running for around 180 years ago and estimated to contribute £60 million to the Isle Of Wight economy annually.
For more information about Cowes Week visit the official Web site
