The owners of Clipper Ventures will step back from running day-to-day operations as they look to put the company up for sale.
Founded in 1995, Clipper Ventures is the organisation behind the Clipper Round the World Yacht Race, one of the most famous amateur sailing competitions in the world.
The race restarted in March following a two-year hiatus due to the pandemic, with the 13th edition taking place next year.
“We are immensely proud of what the organisation has achieved to support the growth of participation in sailing, whether that’s through our 12 editions of Clipper Round the World Yacht Race, sailing events, sailing school or expedition teams,” said co-founder William Ward.
Ward will become executive chairman while co-founder Sir Robin Knox-Johnston will take over as non-executive director and president as they look to exit their shareholdings.
Sir Robin and Ward approached FRP Corporate Finance to help find their business a new home.
“With the support of FRP Corporate Finance, Sir Robin and I are looking for a custodian that shares our passion for sailing and adventure to take over the ownership, build on the legacy of the organisation and lead Clipper Ventures into the future,” Ward added.