world's top 10 ranked sailors for the fall spectacle (October 17-25), including numbers one and two, Chris Dickson and Russell Coutts, as well as defending champion Edward Warden-Owen.

It was also announced that the Bank of Butterfield will sponsor its second charity race -- the Bank of Butterfield 1992 Charity race, October 22 (2.30 p.m. start) -- in conjunction with the Gold Cup to benefit seven local charities and using several of the Island's handicapped as crew.

Joining the aforementioned skippers and vying for the $30,000 first prize -- also includes 18-karat gold Omega Watch for skipper and stainless steel ones for the crew -- are Edward Baird (ranked sixth) and Paul Cayard (fifth).

All five have been involved in what is widely regarded as the premier sailing event, the America's Cup.

Cayard skippered Italy's Il Moro de Venezia to second place behind Americ 3 in the finals.

Meanwhile, Dickson, a New Zealander, received quite a bit of flak concerning his decision to join the Japanese team for their challenge. He was helmsman aboard Nippon Challenge that never made it out of the challenger series.

A winner of the Omega Gold Cup in 1990, Coutts enters this year's event on a roll having already captured the 1992 World Championship of Match Race Sailing.

After two days of qualifying among the unseeded competitors, including Bermudians Peter Bromby and Martin Siese, the seeded skippers are scheduled to enter the fray on Tuesday, October 20.

The charity race will consist of a three-race series involving seven boats with the winning charity receiving $1,500 and the rest awarded a consolation prize of $750. Once more it promises to raise the spirits and welfare of the under-privileged or handicapped and several will be used as crew.

"This race is designed to provide a unique experience for its participants, while at the same time, raising money,'' said Tom Lamont, senior manager of marketing for the Bank of Butterfield. "Through this event, Bermuda has set an example, offering a unique opportunity for local charity representatives to experience the chance of a lifetime.'' ESPN carried coverage of the 1991 regatta, which was estimated to have been witnessed in over 230 million homes worldwide. A major network is again expected to fly in to cover this month's event, but exactly which one is not known at this stage.