We just received an email copy of a story by Lee Tolliver from The Virginia-Pilot ad in Virginia Beach, VA. The story is as follows:
Promoter cancels catamaran race
By LEE TOLLIVER, The Virginian-Pilot
© April 1, 2003
VIRGINIA BEACH — The 2003 Worrell 1000 catamaran race has been canceled because financing for the event has fallen through.
The 20-year-old sailboat race from South Beach Miami to Virginia Beach was scheduled for May 4-17 this year.
“I had a private financial backer default on me,” said Mike Worrell, the race’s founder and director. “I ran out of time and had to cancel.
''Every waking hour was spent on this situation, and it was a very painful decision for me. But I couldn’t put the teams at further expense.”
Worrell’s race has had prior financial problems. In 1987, faced with mounting unpaid bills, Worrell sold the rights to the race. He reacquired the race in 1997.
Email this Page
Print this Page
Newsletter Sign-up
Get Wireless
Pilot Subscriptions
For teams entered this year, Worrell has promised to return the $5,000 entry fee, but that might not offset what most teams already have put into the race.
Many have purchased boats, equipment, plane tickets and spent considerable time and money in preparation for what was to be the race’s 21st running.
“Brian and I have put a lot of time and money into this year’s race,” said Jamie Livingston of two-time defending champion Alexander’s on the Bay.
Livingston’s teammate is Brian Lambert.
“We’ve been working on this boat to get it ready for this race, and it’s been a lot of prep work,’’ Livingston said. ''
But we started hearing about this a few weeks ago when we heard the boats hadn’t been sent yet. Mike hasn’t been very up front with people involved, and it’s going to hurt him. Our team and a lot of others have a lot invested, and now there’s nothing.
“Now he has these grandiose plans for next year and wants us to change boats again.”
Worrell said during last year’s race that the catamaran for this year would be an F-18HT Class made by Bimare, an Italian boat builder. The boats sell for about $14,000, according to W.F. Oliver, a North American distributor.
Instead of waiting for the boats Worrell was to make available, many teams opted to purchase their own boats so they could be fine-tuned and used for practice before the race.
Worrell says he still plans to hold a 2004 race but with yet another change in boats. His plan is to use a Nacra F-18. Also for the 2004 race, the registration fee will increase from $5,000 to at least $8,000. In addition, teams must make a $20,000 payment to an escrow account that will go toward a cash purse. Worrell said the purse will be $1 million if he has 50 entries.
“I can’t do it,” said Beetle Bailey, team manager for Alexander’s on the Bay. “We don’t have the money to keep up with Michael. All our money comes from donations and sponsorships, and I can’t keep asking them for more because he can’t make up his mind on what he’s doing.”
Several teams are angry about the late cancellation.
“It is very upsetting,” said Mike Eason of Team Rudee’s. “People have put a lot into this, and a month before it starts he cancels the race and changes boats.’’
Several teams already have plans to compete in the Tybee 500, a new catamaran race from Islamorada, Fla., to Tybee Island, Ga., from May 12-17. The success of that race could put Worrell’s 2004 plans in further jeopardy.
“This is the end of the road for him in my opinion,” said Randy Smyth, a six-time Worrell winner. “But I’m not shocked. Now he’s coming off the wall with this million- dollar thing. That’s not prize money; it’s a pyramid scam. “It’s ridiculous.”
Despite ill feelings in the sailing community, Worrell vows that the 2004 race will be bigger than ever. He says several European teams have e-mailed him to say they likely will participate next year.
“I’m very confident,” Worrell said. “People have written us off before, and I’m keenly aware that people are upset.
“But I had no choice.”
Reach Lee Tollliver at 222-5844 or at
ltollive@pilotonline.com 
