Rolex to sponsor Sydney-to-Hobart race

Sailing to victory: Assa Abloy won the Sydney-to-Hobart race in December

SYDNEY, Australia -- Swiss watchmaker Rolex has said it will sponsor Australia's most famous ocean race -- the Sydney-to-Hobart yacht race.

In a deal believed to be worth over $1 million (1.14 million euros), Rolex has stepped into the void left by Telstra who ended its six-year partnership after the 2000 race.

The 630-mile ocean race from Sydney to Hobart, Tasmania was first run by the Cruising Yacht Club of Australia in 1945.

The Rolex sponsorship extends to include the 60th Sydney-to-Hobart race in 2004, a significant milestone in the history of the annual ocean classic.

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It is hoped the partnership with Rolex will give even greater international exposure to the event, with the likelihood of a significant increase in overseas entries.

The record entry was in 1994 with 371 starters. However, the race this year, without a title sponsor, attracted just 75 entries.

The race is particularly well known for its traditional Boxing Day start inside the high cliffs of Sydney's twin Heads which offer a great vantage point for sightseers.

It is also well known for giving competitors a rough ride across the Bass Strait when strong southerly busters roll in whipping up heavy seas. This year the fleet had to dodge massive waterspouts.

In 1998 tragedy struck the race when a severe storm caused tragedy. Six crew drowned and fifty-five were winched to safety by helicopters. Five boats sank and just 44 of the 115 starters finished the race.

Rolex has been associated with yacht racing for many years in Europe and the U.S.. It supports many major events including the Giraglia Rolex Cup; the Rolex IMS Offshore World Championship in Capri, Italy; the Rolex Fastnet Race in England; the Maxi Yacht Rolex Cup in Porto Cervo, Sardinia; the Rolex Commodore's Cup in England and the Rolex International Women's Keelboat Championship in the USA.