A press release that bums us and we’re sure everyone else out
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.
“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.