The options were limited for the crew of the Virgin Money Speedboat after the 99-foot yacht had its sail damaged by a monster wave: straight on to Bermuda or back to Newport, Rhode Island.

Only 400 miles off our shores, Captain Nick Bice and a seasoned crew including British billionaire Richard Branson, three-time Olympic gold medallist Ben Ainslie and former Rolex yachtsman of the year, Mike Sanderson, voted the Island their best bet.

Angry seas first attacked the 115-foot mono hull sloop 36 hours into the team's attempt to break a trans-Atlantic speed record from New York to England. By the time Virgin Money reached Bermuda, she had a ripped main sail, her spinnaker was destroyed and a lifeboat was lost to the waters.

Said the 30-year-old captain: "We were located about 400 miles from Bermuda and we had to make the decision to come here or turn around and head to Newport - we decided to come to Bermuda."

A total of 25 were on board. Aside from the celebrity sailors, the yacht carried two members of Sir Richard's family and a photographer who was documenting the voyage.

The captain said that the crew did consider the weather before they sailed off but did not foresee the damage to the sail.

"As sailors we live by the weather. We have a professional crew and were on standby for a while at port waiting for the best possible time to leave during the record-breaking season – September to mid November.

"The weather is very unpredictable and we didn't foresee this happening," he said.

Owner Alex Jackson, a former investment manager, christened the yacht 'Speedboat'. With Virgin, Sir Richard's brand, the sponsor, the decision was made to blend the two, hence the name 'Virgin Money Speedboat'.

Its canting keel has the ability to hold eight tons of water. The sailboat also has twin rudders and twin daggers, which are branded with the Union Jack.

All rigging and hardware of the ship are made of carbon fibres and the living quarters sleep 12.

Added Captain Bice: "The ship contains state-of-the-art navigation. The entire boat runs on hydraulics using one litre of diesel per hour, as the sail mainly propels the boat."

During the trip one of the life-rafts fell overboard and had to be cut away as it was dragging behind.

"We called into harbour radio to let them know about the life-raft so they didn't think that there was someone in the raft," he said.

After the repaired sail is shipped into the Island from New Zealand, the plan is sailing to Florida with a crew of 10, sometime in mid-November.

Mr. Bice said: "We haven't given up on trying to break the record and are will try again soon, possibly next year."

Asked about Virgin Money's purchase price, Mr. Bice laughed: "Let's just say that you can set yourself up quite comfortably in Bermuda for the price of this boat."