SportBusiness.com

The Cowes-based syndicate, which has been looking for major sponsorship for more than a year, is left with less than half of its estimated £40million budget according to The Times.

Another sponsor will need to be found by April 2005 for it to compete in Valencia in 2007.

The group’s marketing team is nevertheless said to be in advanced discussions with two alternative backers, both described as global brands that are British-based.