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Media: Volvo Ocean Race owners close to selling famous circumnavigation

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One of the most famous round-the-world regattas, Volvo Ocean Race, may be sold, writes Yachting World citing several sources close to VOR organizational structures.

At least two potential buyers have begun due diligence on the Volvo Ocean Race (called due diligence).

Due diligence is conducted before the start of the business purchase process to assess its value and investment risks.

Currently, the regatta is jointly owned by two companies - Volvo Cars and Volvo Group. The former is owned by Chinese holding company Zhejiang Geely and specializes in passenger cars, while the latter is based in Sweden and produces buses, trucks and marine engines.

The largest sailing event, formerly known as the Whitbread Round the World Race, has been the main promotional campaign for both companies, which produce under a single brand since 2001.

The Volvo Ocean Race began «shaking» even before the start of the 2017-18 season: Mark Turner, then head of VOR, left his post a month before the start. At the same time, the organizers abruptly cancelled the already announced changes to the race schedule.

The round-the-world race itself has not been easy this year either - it is not over yet and it has already taken lives of two people.

First off the coast of Hong Kong a fisherman was killed after a collision with Vestas 11th Hour Racing for which the organizers of the regatta were heavily criticized, calling «a gang of mercenaries who are paid to transport billboards around the globe». Then John Fisher, one of Scallywag's crew members, went missing in the waters of the Southern Ocean; he could not be found, and his death was also blamed on race management.

Shortly before the talk of selling the Volvo Ocean Race, the organizers of the race were interested in the IMOCA class in search of a solution.

The class association members have given their approval for the next race on IMOCA 60 yachts. The question is left to VOR. It is expected that a final decision will be announced before the end of the current race in June this year.

Meanwhile, stage 8 of the current round-the-world race is in full swing. The regatta fleet has left the eastern course and headed north. As of today, the Vestas 11th Hour Racing crew has taken the palm, but it is still more than half way to Newport, and things could still change.

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