Administrator Nigel Morrison of business advisors Grant Thornton, said: ‘We have received five offers for the business, which constitutes the majority of the yachts and the rights to use the name and the brand. We are in the process of evaluating those offers.’

We have not received an acceptable offer for the entire fleet, he added. There are a few boats that don't form an attractive offer for people, such as Aviva. The offers are from a range of people - individuals and groups of people involved in the marine yachting world.

‘We also received an offer from an overseas company in the marine industry,’ he concluded.

The Challenge Business boats were designed by Humphreys Yacht Design originally for the BT Global Challenge to a brief that they should be safe, seaworthy and reliable. ‘These boats have completed many thousands of miles since they were launched,’ said Humphreys, ‘and they remain the highly capable vessels that they have always been, and have many years of life ahead of them.’

We are very sorry to see the end of the Challenge Business after all that Sir Chay Blyth and his team did to bring competitive ocean racing into the reach of many hundreds of ordinary men and women, added Rob Humphreys. ‘It was a unique venture that made a massive contribution to our sport and it will be missed, although its legacy will continue in the guise of the top sailors it has brought to the fore, sailors who would not now be household names were it not for Chay’s vision.’