Cutty Sark Tall Ships' Race announcement

by Patricia Juarez on 27 Apr 2002 The Sail Training Association today announced that its wholly owned subsidiary International STA Ltd (ISTA) has accepted a funding package in excess of £3.0 million from a European based media and entertainment company, underwriting the Summer European Tall Ships Race event for a further 4 years commencing in 2003.

Mr Andrew Salvesen, Chairman of ISTA commented: 'Following a period of
uncertainty, this is fantastic news for the international fleet of tall ships and the young people that participate in our races, the host ports and for the international family that provide such valuable support on a volunteer basis.'

To commemorate 30 years' sponsorship, Berry Bros. & Rudd have graciously
agreed that this prestigious event can continue to be titled Cutty Sark Tall
Ships' Races in recognition of the famous sailing clipper and her maritime
heritage. Additionally, the coveted Cutty Sark Trophy will continue to be
awarded annually to the ship which has contributed the most towards
international understanding and friendship.

Christopher Berry Green, Chairman of Berry Bros. & Rudd said: 'Although
Berry Bros. & Rudd will no longer be involved in the races after this year,
we are delighted that the event will continue to be graced with the name of
Cutty Sark and thereby benefit from both continuity and recognition by its
international participants and supporters.'

Full details of the arrangements will be formally announced in Portsmouth in
August 2002 at the conclusion of this year's race.

Effective 2nd May 2002, International STA Ltd (ISTA) will change its name to
Cutty Sark Tall Ships' Races Ltd.