SOUTHAMPTON-based insurance group Skandia Life has unveiled a new agreement to sponsor Cowes Week for the next three years, in a deal worth £1.5 million.

The company has been the main sponsor of the annual world famous sailing regatta since 1995.

Skandia Life marketing director Bill West said: "Since then we have provided much more than the all-important funding to subsidise the running of the event. Our support has been instrumental in developing Skandia Life Cowes Week into its highly successful format.

"We will work closely with all those involved to make Skandia Life Cowes Week 2000 the biggest and best of them all.''

Plans for next year's event are well advanced, but Mr West says there will be some significant changes for the regatta in its 178th year, at the start of the new century.

An estimated £2.5 million is being spent on major waterfront projects in time for the regatta. Work has begun at Cowes Yacht Haven to create more berths for visiting yachts - redeveloping the north wall of the haven will create 40 additional berths in the north basin, and provide additional hard standing room.

Red Funnel is also revamping its high speed ferry pontoon with Cowes Town Basin to create a more open waterfront site with more public access. These changes should give a fresh look to the Cowes waterfront.

Entries across the 32 classes of yachts which race at Cowes have steadily increased and the social scene has seen welcome changes for the thousands of yachtsmen and women who descend on the mecca for yachting in the first week of August.

By August, the Royal Yacht Squadron's new pavilion will be complete, giving a perfect backdrop to the start line and will be the setting for the many class and club cocktail parties held on the Royal Yacht Squadron lawn. Plans are also underway to develop and improve the East Cowes Marina, to increase the number of berths available for visiting yachts and improve shore facilities.

Chairman of Cowes Week sponsorship Dickie Bradbeer, said: "We are delighted that we can continue our strong association with Skandia. We have worked very hard to build the event up to its present form.

"With the co-operation of Skandia, Cowes Combined Clubs, the Town Council, the Isle of Wight authority and Tourist Board, the world's longest running sailing regatta is in excellent shape for the start of the new millennium.''

Converted for the new archive on 25 January 2001. Some images and formatting may have been lost in the conversion.