The title sponsors of Cowes Week 2019, Lendy Ltd, has entered administration.
Following action taken by the Finance Conduct Authority (FCA), Lendy Ltd appointed Damian Webb, Phillip Rodney Sykes and Mark John Wilson of RSM Restructuring Advisory LLP as administrators on Friday afternoon.
According to the FCA there is an ongoing investigation into the circumstances that have led to this action.
It is unclear how the news will now affect the running of this year’s Cowes Week.
It was announced in June 2017 that Lendy Ltd had agreed with Cowes Week Limited (CWL) to be the title sponsors of the world-renowned event for a period of 3 years. It now seems almost certain that a new sponsor will be needed for the Isle of Wight event in the years ahead.
Earlier in the week Island Echo approached Cowes Week Limited to discuss the sponsorship deal with Lendy amid rumours of changes afoot.
A spokesperson from Cowes Week Ltd says: “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 to welcoming a new headline partner for Cowes Week and to beginning the next chapter in the evolution of this world-famous historic regatta.”