SEPT. 7 - British yachtswoman Tracy Edwards was declared bankrupt in London’s Bankruptcy Court Monday. Gregory Browne, the former financial advisor for Edwards’ Quest International Sports Events, who is seeking more than $110,000 (U.S.) filed the bankruptcy petition. It’s been reported that Edwards’ personal debts are in excess of $14.7 million.
Browne was dismissed from Quest last August after claiming Edwards used company money to pay off personal debts, according to reports.
Edwards reportedly racked up considerable debt while organizing Qatar Quest, a round-the-world race offering $1 million in prize money to the winner. None of the participants in that race have been paid, news reports say.
Last year, Edwards’ Maiden Ocean Racing was sued by Bruno Peyron’s The Race Event. Peyron claimed Edwards used proprietary information about The Race, another round-the-world competition, to start her own non-stop circumnavigation race for 100-foot-plus sailboats.
In 1990 Edwards was awarded an MBE (Member of the Order of the British Empire) for, among other accomplishments, having skippered the first all-female crew around the world.
Edwards did not attend the 10-minute bankruptcy hearing, news reports say, and was not represented by her lawyers.
— Jason Fell