Racing Union's (IYRU) World Youth Sailing Championships in July, received a much needed cash boost yesterday.

In agreeing to be the title sponsor for the Boys Single Handed Championship in the Laser class, the Bank of Butterfield forwarded $15,000 which will offset costs for housing the athletes, equipment and various other aspects surrounding the competition.

"For the past four years, the bank has been proud to sponsor youth sailing in Bermuda through the BYA Junior National Championships and the Grand Prix series each summer,'' said executive vice president Stephen Kempe during a press conference.

"This year we are delighted to be part of the World Championships and, in doing so, help support the role of Bermuda as host to such an important event.'' This year will mark the first time Bermuda has hosted the event -- currently in its 25th year -- which is expected to attract in excess of 300 competitors from more than 40 countries, including participants from perennial powers New Zealand, Australia, France and Britain.

Traditionally the event has been held in Europe. Bermudians Duncan Simons and Kevin Zuill won sportsmen's awards last year when Greece was the host nation.

Dockyard has been selected as the venue for this year's regatta, involving six categories. Boys and girls will compete separately among single handed Laser class, double handed Laser II class and Mistral IMCO Sailboard class.

Three separate courses are to be used, with both Laser classes occupying the Great Sound, while the sailboard class likely will have action taking place in Grassy Bay.

Regatta chairman James MacDonald said that an estimated $75,000 was still needed, with the bank's offering only footing the bill for the boys' Laser group.

It was also learned that Government's Departments of Youth, Sport and Recreation and Tourism had agreed to support the venture and have earmarked in the region of $50,000 to aid promotional and other costs.

"In the eyes of the IYRU their view of this regatta is that it is the second most important regatta in the world,'' said Bermuda national sailing director Chuck Milligan. "First is the Olympics, then comes the youth worlds, which is like a mini-Olympics for the kids.

Mentioned were past winners Russell Coutts and Chris Dickson, names synonymous with world class sailing and familiar to Bermudians as each have been a part of the Omega Gold Cup held annually in Bermuda.

"These people will be the Olympians in four to eight years,'' added Milligan.

Meanwhile, an elimination series to select the Bermuda squad will take place at the end of June. Bermuda is expected to be represented in all but one category, the exception being the girls Mistral IMCO class.