The future of the race, which was first held in 1992, is now in doubt

The future of race, which was due to start in Portsmouth, Hampshire, in 2008, is now in doubt.

In a statement organisers said they were considering the options for the race, which was first held in 1992.

Sir Chay Blyth, whose company Challenge Business runs the event, said: "At present we have been unable to secure a title holder."

The renowned race has featured more than 650 amateurs sailing alongside professional yachtsmen in identical 72ft (22m) ocean yachts.

The race, which is subtitled "the world's toughest yacht race", is the only race that sails around the world the wrong way, against the prevailing winds and currents.

Sir Chay added: "The crew volunteers have been told and it is for them that I genuinely feel so very sorry.