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| INTAC/Sucre, winners of the 2005 Financial Services Challenge |
The second annual Financial Services Challenge, an inter-company event for the British Virgin Island's financial services industry, is set to take place the weekend on June 24/25. Teams will be racing off Nanny Cay Marina in a matched fleet of IC24s (modified J/24s) chartered from Racing In Paradise for the International Finance Centre Cup.
Entries will initially be pegged at 10 teams with a slight change in the racing format for this year. Richard Wooldridge from event organizers Racing in Paradise explained: 'There will be a gold and silver fleet, same as last year but we will race all day Saturday to split the two fleets. This change reflects comments after made last year's event where crews felt it was tough splitting the fleets after only three races on Saturday morning." To enable as much participation as possible, companies will be allowed to join together to form teams and spouses are also allowed to compete.
The Royal BVI Yacht Club will again host the registration party on Friday 23rd June. Champagne and hors d'oeuvres will be the order of the evening. Nanny Cay will be the place to see all the racing action. Wooldridge noted: "It will be a great place to hang out all weekend, we have use of the pool, a bar and I'll be giving a running commentary on the racing." The prize giving will take place under the tent on a new poolside stage.
Last year's event saw 50-odd sailors from the BVI's financial services industry battle it out for the International Finance Centre Cup. Competitors saw 14 races which included three qualifying races to divide the competitors into gold and silver fleets.
The race committee developed course options that included windward and leeward gates to maximise separation in a fleet that had a real mix of abilities and racing experience and weather conditions were excellent on both days. On Saturday, perfect 15-knot conditions greeted the sailors and the points spread saw a natural break for the gold and silver fleet with five boats going into gold and four into the silver fleet. On Sunday morning, winds started at about 14-knots and steadily built to a solid 18-20 knots, giving some of the inexperienced racers a tough challenge but they all pulled through in what became trying conditions at times.
INTAC/Sucre went into the last day with a five-point margin over Harneys and had to fight hard to maintain the lead. Both Harneys and Conyers Dill & Pearman pulled out all the stops in their attempts to knock INTAC/Sucre from the top position but INTAC/Sucre eventually took the International Finance Centre Cup with a three-point margin.
INTAC/Sucre's helmsman, Mark Plaxton, will undoubtedly be keen to repeat this performance. He has the advantage of owning an IC24 and has done well in this year's major Caribbean regattas. However Wooldridge may have the answer to bring other teams up to speed. For a minimal fee he will organize race training sessions on demand for teams that have paid their entry fees. "It's all about time in the boat and good crew work," commented Richard. "Last year I really noticed how teams improved during the weekend, but you can't win a weekend regatta by peaking on Sunday afternoon!"
The Financial Services Challenge's primary sponsor and host for the weekend is the BVI International Finance Centre. Chief Operating Officer Humphry Leue was on the beach last year watching the closing stages of the regatta, "I was very impressed with the closeness of the racing, it was a pleasure to watch, this is a fantastic event and we are happy to be involved."
The BVI International Finance Centre (IFC) is a dedicated unit within the BVI Government with the remit to enhance and promote the reputation of the BVI as a premier international finance centre to all current and future stakeholders and to provide assistance and advice to those seeking to utilise the facilities and capabilities of the BVI as an international centre for financial services. The launch of the IFC in 2003 marked the final stage in the BVI Government's plans to separate the marketing and regulatory functions for the industry.
During the past 20 years, the British Virgin Islands has become a leading international financial centre. Much of the Territory's success has come as a result of its International Business Companies (IBC) legislation, passed in 1984. Since the adoption of the IBC Act, more than 600,000 companies have registered in the Territory.
The regatta is staged by Racing In Paradise. Entry forms and the Notice Of Race can be downloaded from www.racinginparadise.com
© Copyright 2001/2002 caribbeanracing.com
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