The world's toughest yacht race has been postponed putting the future of the event in jeopardy.
The fifth Global Challenge Round the World Yacht Race was due to start in Portsmouth, Hampshire, in 2008 but has been postponed after organisers failed to secure a title sponsor.
Options for the future of the race, which was first held in 1992, are now being considered.
Sir Chay Blyth, whose company Challenge Business runs the event, said: "The crew volunteers have been told and it is for them that I genuinely feel so very sorry. A great deal of them have shaped their lives - present and future - around this event.
"The search for a title holder will continue. It is such a great event for such great people. We will now consider what options there are for running the event in later years."
About 80% of the crew had already signed up for the renowned race which has previously featured more than 650 amateurs sailing alongside professional yachtsmen in identical 72ft (22m) ocean yachts.
The crew come from all walks of life, all hoping for the adventure of a lifetime as they sail around the world.
The race, which is subtitled "the world's toughest yacht race", is unique in that it is the only race that sails around the world the wrong way - against the prevailing winds and currents.
It was acclaimed as a ground-breaking concept in 1992 with ordinary people having the chance to achieve the extraordinary, within the previously elitist world of ocean yacht racing.
The lack of a title sponsor for the fifth event has meant that Challenge Business is unable to commit to refitting the yachts well ahead of the race to ensure the event's safety.
