The format is similar to one that major fishing tournaments have used for
years. Part of the entry fee is set aside to fund the cash purse. The
virtually all inclusive cost of entry for 2004 is an escalating Entry Fee
that starts at $8,000 and a $20,000 Escrow Fee. The Entry Fee is due upon
entry and the Escrow Fee is due one year from now on March 1,
2004. Entries 1 - 10 = $8,000 / 11 - 20 = $9,000 / 21 - 30 = $10,000 / 31
– 40 = $11,000 / 41 - 50 = $12,000.

The proper Entry Fee in U.S. funds is due upon entry and provides a
complete turn key race package for a team minus travel expenses to and from
the race. This package will include a Boat Charter, with spare parts and
extra sails, for 21 days (available one week prior to the start), 3 Hotel
Rooms for 21 nights, a Vehicle for the shore crew, all Required Safety Gear
(EPIRB, VHF Radios, Flares, Strobes, Charts), and a Full Insurance Package
(Liability, Boat Damage, Hospitalization, Rental Vehicle).

The Escrow Fee of $20,000 will be due one year from now on February 9, 2004
and will be paid into an escrow fund at the Bank of America for
disbursement to the 1st through 10th place finishers. Based on 50 entries
the total payout will be $1,000,000, in the following manner :
1st - $400,000 / 2^nd - $200,000 / 3rd - $100,000 / 4th - $60,000 / 5th -
$50,000 / 6th - $45,000 / 7th - $40,000 / 8th - $35,000 / 9th - $35,000 /
10th - $35,000

Entry will be limited to the first 50 qualified entries, (except for 2003
entries, see below). With 50 entries, a team will have a 20% or 1 in 5
opportunity of recouping their entire expense of competing in the race and
1 in 50 opportunity to win the grand prize of $ 400,000. There may be other
prizes including individual leg prizes. If there are less than 50 entries,
the payout will be pro-rated based on the above schedule.

"We have had a tremendous response to the new turn key entry format and
based on input and requests from the 2003 entries, the 2004 entry package
has been upgraded and made more inclusive." says Worrell. He goes on to
say, "The intent is to provide an event where one needs only to arrive with
personal gear to compete. For obvious reasons, personal gear and travel to
and from the race are not included in the package. However, there are some
items provided that may be overlooked by a first year team - different
types of insurance including hospitalization, and required safety gear. The
2004 boat selection will be announced at the awards presentation on Sunday,
May 18, 2003."

The reason for announcing this now prior to the 2003 race is that a major
format change requires more lead time to adapt. And this is the biggest
change in the race’s history. The 2003 Worrell 1000 teams that finish the
race will be grandfathered, even if the 50 team limit is reached, they will
be allowed until July 31, 2003 to enter the 2004 event if they desire. This
will allow the 2003 entries to focus entirely on this year’s race and not
be distracted by the new 2004 format.

It should be noted that even with the higher entry and escrow fees a team
can mount a complete Worrell 1000 campaign from start to finish for less
than it would have cost prior to the turn key format. "Basically, what
we’ve done is taken the savings achieved with the turn key package and
applied it to the escrow fee." comments Worrell. "In previous years a team
could spend $30,000 for bragging rights, now for the same amount they get a
shot at $ 400,000 cash."

The new format introduces several new strategic approaches to competing in
the Worrell 1000. For the first time a sponsor may be able to get a cash
return on his investment in addition to media coverage. A team of four, two
sailors and two shore crew, could form a team for $8,000 each and possibly
take home $100,000 each for three weeks work. Or a well financed team owner
may seek out and hire top sailors for a shot at the $400,000 grand prize.
The concept of a large cash prize is fairly new to the sport of sailing and
I’m sure that there are many more creative approaches that will be
introduced to the race than the few listed above.

It all began as a bet over a couple of beers in the Worrell Bros.
restaurant in Virginia Beach, VA. It was October, 1974 and the America’s
Cup was still firmly bolted to its stand at the New York Yacht Club. The
first Whitbread Round The World Race had just begun and the first catamaran
to compete in the Olympics was still two years away. That one could not
sail a 16-foot beach cat 1,000 miles from the front door of Worrell Bros.
to southern Florida seemed like a safe bet. It had never been done before.
Twenty days later the bet was won - and the idea for the first Worrell 1000
in 1976 was born.

The 2003 Worrell 1000 starts on Sunday, May 4 in South Beach, Florida and
finishes in Virginia Beach, Virginia on Saturday, May 17, 2003.