continues, organisers remain optimistic that the event will again take place in local waters.

"We are still hopeful, positive that the event will be held. But we are still pursuing and looking for a title sponsor. We haven't found one as of yet,'' said chief organiser Scott MacLeod yesterday.

"It's been very difficult. We have contacted a lot of companies and we are still hoping that we will be able to find someone who wants to act as the title sponsor. But the important thing is that there is no doubt that it will be held.'' The Gold Cup -- formerly backed by Omega and Brut -- is scheduled for Hamilton Harbour from October 4-12.

Considered the world's most popular match racing series, the event suffered a major blow last year when Brut pulled out after having given their support for two years, promoting a five-event series that included regattas in San Francisco, New York and France as well as Bermuda.

According to McLeod, the main problem facing organisers as they attempt to persuade a company to accept a four-year $300,000 deal, is Bermuda's comparatively small market -- one that diminishes companies' marketing strategy.

"But it's a great package they will get in return,'' he insisted. "The difficulty is that Bermuda as a market is seen as small. Some companies may say: `I'd rather spend that money in a place like Chicago or Miami'. So we need a company that is really international and is trying to boost its image internationally.

"For the sponsorship they will get worldwide television coverage with ESPN, the naming rights to the event and great exposure because it will attract major players around the world such as America's Cup team sailors. It will also receive publicity in Japan, Germany, England, Australia and New Zealand.'' Seemingly, the lack of a major sponsor hasn't affected interest in the event as an impressive entry of 24 skippers have indicated their intention to compete, including eight from America's Cup teams.

"I have talked to a lot of sailors and they understand what the event has done for sailing, and the prestige of the event is such that we will get the top guys like Russell Coutts,'' said MacLeod, "In fact, he has agreed to come and he hasn't even asked me what the prize money is. So we are very confident that we will have top teams even if we might not have as much prize money.''