received a much appreciated financial boost when it was announced that Omega Watch had signed on as title sponsor for the next three years.

The event -- the world's oldest and most prestigious one-design match racing regatta -- has in fact been sponsored by Omega the past three years. Omega president Gerald Batt said that the success enjoyed in the past two years has led to them making this long-term commitment.

"The Omega Gold Cup has come to be regarded as a model of innovative and exciting match racing, and we're proud our name has become associated with this exciting sport,'' said Batt.

Sponsorship of the Gold Cup by Omega -- previously the King Edward VII Gold Cup -- has led directly to the corporation taking a more active role in the Grand Prix of Match Race Sailing, run by the World Match Racing Conference.

Following last year's Gold Cup, Omega Ltd. announced that it would sponsor the entire 10-event Grand Prix called the Omega Grand Prix of Match Race Sailing.

"Omega's return and extended commitment is very good news,'' said John Thompson, commodore of the Royal Bermuda Yacht Club. "Their corporate support has helped build the Omega Gold Cup for the King Edward VII Trophy into the premier event on the Omega Circuit. Omega's sponsorship brought an increase in the total prize money last year and we're delighted to see another increase for 1992.'' Thompson also said that he felt that the `amphitheatre-like' setting of Hamilton Harbour as well as the expertise brought by tournament director Scott MacLeod also helped attract the world's top sailors.

A total prize purse of $80,000 will be placed up for grabs with $30,000 and an 18-karat gold Omega watch going to the winner. The tournament is scheduled to take place from October 18-25 and is open to 24 teams, making it the largest and most competitive match racing event in the world.

Racing is conducted on identically supplied yachts, placing an emphasis on crew work and tactics and participation by top sailors is crucial to their world rankings.

One innovation, which has distinguished this tournament from others, is the fact that it is conducted in an area -- Hamilton Harbour -- where the excitement of match racing can be brought closer to the public.

Continental Airlines will once again be the official airline, providing discount travel to competitors, spectators and the Press. Other sponsors include The Bermuda Department of Tourism, ACE Insurance, XL Insurance, American Express, the Belmont Golf and Country Club and the Horizon Group of Hotels.