The death of Swedish tycoon Jan Stenbeck will not stop his beloved sailing syndicate from chasing glory in the America's Cup.

Stenbeck, who was the main financial backer of Victory Challenge, died suddenly of a heart attack on Monday at the age of 59.

But team spokesman Bert Willborg confirmed that the bid will continue.

"We don't want anything more than to satisfy his ambition and his desire which was to see this project through to the finish."

Stenbeck's boat named Orm - the Swedish word for snake - is scheduled to compete in the Louis Vuitton Cup, which begins in October.

If it can fend off challengers from Great Britain, Italy, France, Switzerland and the USA, it will earn the right to take on holders New Zealand in the America's Cup.