World Cruising Club, organiser of the Atlantic Rally for Cruisers (ARC), has reassured participants that the 2006 transatlantic rally is unaffected by the demise of Challenge Business.

Since a management buyout on 3 January 2006, World Cruising Club has been entirely independent of Challenge Business International and there is no longer any financial connection between the two companies.

Challenge Business, who for 14 years hosted a round-the-world yacht race against prevailing winds and currents, went into administration on Monday after failing to find a sponsor for the 2008/9 event. Around 80% of the crew – amateur sailors from all walks of life – had already signed up for the race.