Cowes Week organisers have issued a statement after the collapse of their headline sponsor.
As Isle of Wight Radio reported earlier, a financial investigation is now underway into the finances of Lendy, which has sponsored the regatta since 2017 and is due to in August.
A spokesperson from the sailing event told Isle of Wight Radio,
“Cowes Week Limited (CWL) is understandably disappointed to learn that Lendy has entered administration and will not be able to meet its contractual obligations to what would have been the final Cowes Week of its three-year title sponsorship deal.
“CWL has been monitoring Lendy’s financial difficulties for some time and has made robust contingency plans to deal with this eventuality. While there may be some short-term financial implications, the event itself is under no threat and will remain one of the highlights of the British social and sporting calendar, as it has for the last 194 years.
“This year’s regatta will take place in August as usual, with a full programme of racing and shoreside entertainment, featuring the hugely anticipated UK edition of the global SailGP F50 championship and preceded by the prestigious King’s Cup regatta.
“Discussions regarding sponsorship for 2020 and beyond are already underway with several interested parties. In due course, CWL looks forward welcoming a new headline partner for Cowes Week and to beginning the next chapter in the evolution of this world-famous historic regatta.”