Tuesday, December 23, 2008

Team Russia drops out of the Volvo Ocean Race due to insufficient funds

[Source: Team Russia] Team Russia today announced it has suspended racing upon arrival in Singapore at the end of Leg 3 of the Volvo Ocean Race due to insufficient funds to continue the campaign.

The team has been actively approaching sponsors in recent months to secure enough financial support to continue the Volvo Ocean Race onto Qingdao (China) and beyond. However no sponsorship has been forthcoming and the team has no alternative but to suspend racing until further financial support can be secured.

Team Russia arrives in Singapore, the end of their journey in the Volvo Ocean Race. Singapore, 23 December 2008. Photo copyright David Kneale / Volvo Ocean Race

“From the outset, it was always a goal to bring commercial partners into the project,” explains Oleg Zherebtsov, the Team principal. “Until now, I have financed the team with my own money, in advance of anticipated sponsorship funding. By this stage in the Volvo campaign we had intended to find sponsorship, but this process has been impacted by the global economic situation.”

Cessation of racing also means that Team Russia is unable to continue its partnership with the Whale and Dolphin Conservation Society (WDCS). The team was proud to “Sail For The Whale”, during the first three legs of the Volvo Ocean Race and was instrumental in spreading the call for safe habitats for whales and dolphins around the globe. WDCS is very proud to have been a part of this race and will continue to work for the creation of 12 large marine protection areas by the year 2012 and will find new ways to work with the international sailing community as well as the general public to achieve this goal.

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