NEXT year, Skandia Cowes Week will cease to be. Don't panic, the regatta will still go ahead, but after what will have been 14 years of sponsorship, investments and savings company Skandia is hanging up its sponsorship boots.

From its humble beginnings in 1821 when seven boats lined up on the start line, the event has grown into the largest and most important sailing event in the calendar, with more than 8,500 competitors.

And Southampton-based Skandia is partly to thank for what the regatta has become.

The association between Skandia and Cowes Week has been one of the longest and most successful partnerships of the modern era.

The past 13 years have seen the event grow from 750 boats racing in 25 classes to 1,000 yachts in 40.

But all good things must come to an end, and as of 2009 the event will take on a new sponsor.

Stuart Quarrie, director of regatta organisers Cowes Combined Clubs (CCC), has been left with the task of taking the event forward.

"This is Skandia's 13th year and next year will be its last," he said.

"It's been a great partner.

"Skandia has not just given us the contractual money, it has actually helped with the event outside its contract.

"It spends a lot more each year than the contract says it needs to in order to make the event better, and it leaves behind a great legacy.

"As a result the event has changed dramatically since Skandia has been with us.

"In a lot of people's minds it was a very traditional, exclusive event whereas now Cowes Week is an inclusive event where everything is done for the benefit of the competitor."

Stuart's sentiments are echoed by Tim Sewell, Skandia's sponsorship manager.

"It's hard to put into words how much Cowes Week has been part of Skandia's life over the past 13 years," he said.

"The event has changed massively and so has our company.

"There's a real sense of pride about what we've helped create - the event is much more inclusive, it's grown in size and there's just more people enjoying the event on the water and on the shore.

"But any sponsorship has to come to an end.

"Fourteen years is a long time and we have always taken the view that at some point you have to move on.

"We wanted that point to be somewhere where we could leave the event at its best.

"For us next year will be the right time to go - but you can expect something a little bit special for Cowes Week 2008.

"We've had a fantastic journey and we have to thank the competitors, visitors, spectators, organisers and the Isle of Wight community for making Cowes Week what it is today."

One of the problems facing the CCC in recent years has been over-popularity.

Change is something the CCC committee has had to embrace - and deal with.

"Eighteen months ago we took a good look at where we wanted Cowes Week to be and how to tackle the problem," Stuart said.

"We all agreed that we need to take the event forward instead of just letting market forces determine how it goes.

"One option discussed was the possibility of splitting Cowes Week into two weeks to accommodate more competitors.

"That was the option which made the headlines because it was the most controversial and revolutionary.

"However it was just one of 30 or 40 ideas.

"It was decided that, although people liked the idea in principle, it would be too dangerous.

"The risk of diluting both weeks to a stage where no one liked it was too much."

So, with a new sponsor onboard, what does the future hold for Cowes Week?

"The add-ons we introduced this year such as the iShares Cup, the King of Cowes race and the Artemis challenge proved extremely popular so one of the things we will be looking to do is encourage international classes to take part in the regatta to attract higher profile yachts," said Stuart.

Another area organisers are looking at is the technology behind Cowes Week.

"We need to be spearheading new technology in the management of sailboat racing, and one way of doing that is by placing tracking devices on all boats," he added.

The devices would allow spectators to track boats online while helping officials to marshal the race. Next year the technology will be trialled before being introduced to the regatta in 2009.

In light of the fuss over 'chavs' at Glorious Goodwood and Ascot, Stuart said that one of the best things about Cowes Week is that it has something for everyone.

"Cowes Week used to be part of the wealthy social season, dominated by posh balls and cocktail parties," he said.

"It is now part of the sporting season in the same way as Wimbledon or the golf Open is, and just not part of some rich toff's social diary.

"The posh parties still exist, and that is part of modern Cowes Week. We don't want to get rid of them at all.

"But there's also the side of the regatta where you have a beer in the beer tent after racing.

"That's what we want - a blend of both. Cowes Week isn't exclusive and it has something for everyone, and that's what we are really proud of."

There's no doubt that exciting times lie ahead for Cowes Week, but one thing is for certain: The regatta has a reputation as being one of the biggest sporting events in the world - and one it is sure to hold on to for a long time yet.