The race will take in Goss's home ground of the Rame Peninsula

The race will see him sailing again with former Team Philips crew mates Paul Larsen and Andy Hindley.

The 608-mile race starts on Saturday from the Royal Yacht Squadron line off Cowes and will finish at Queen Anne's Battery in Plymouth.

It is regarded as one of the most demanding sailing events, with tricky tidal currents and changeable weather.

Mr Goss, who was born in Devon and now lives in Torpoint, will be racing in a SeaCart 30 trimaran Cornwall Playing for Success.

In December 2000, the former Royal Marine and his crew had to abandon his revolutionary �4m catamaran.

This is high octane dinghy sailing offshore Pete Goss

Team Philips had been practising for The Race, a round-the-world yachting challenge, when a section of the vessel was smashed in ferocious winds and huge waves.

"It will be great to sail with Paul and Andy again. The boat may be smaller than the last multihull we sailed together, and will probably be one of the smallest in the fleet, but it will be no less fun and we will be as competitive as ever," Mr Goss said.

"In sailing, anything can happen - this is high octane dinghy sailing offshore - but we have done what we can to prepare ourselves and the boat and it is going to be a great race.

"The Fastnet is an exciting competition and we are thrilled that we will be sailing along the coast of Devon and twice past Cornwall before rounding my home ground of the Rame Peninsula and finishing in Plymouth."

The team is hoping to raise funds for the charity, also named Cornwall Playing for Success, which uses sport to help raise young people's self esteem and motivation.

The biennial race is probably best known for the tragedy in 1979 version when 15 people were lost during raging storms.