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LONDON - British tycoon Richard Branson conceded defeat Friday in his bid to break the transatlantic sailing record after his yacht was damaged by high waves and strong gales.
"We decided to abandon it on this occasion and fight another day," Branson told CNN television from his yacht Virgin Money.
The entrepreneur said that if the boat could be repaired and ready within the next three weeks, he would have another go before the season ends in two or three weeks' time.
The Virgin Group founder set sail from New York on Wednesday with his children Holly, 26, and Sam, 23, plus a crew of sailors including Olympic gold medallist Ben Ainslie for the attempt at breaking the monohull sailing record
of six days, 17 hours, 52 minutes and 39 seconds.
"When I spoke to you yesterday I mentioned we were encountering 40-foot (12-metre) waves," Branson said.
"Today the waves hit us from behind and took one of our life rafts. Fortunately everyone was harnessed in and nobody went with it. Then the storm blew out the sea and it ripped the main sail.
"So we decided to abandon it on this occasion and fight another day."
Branson said he was now heading for St George's on Bermuda to "get the boat mended".
"If we can get away with this season which ends in two, three weeks time, we'll do it. If not, we'll get the boat ready for another attempt in the spring of next year."
Branson previously set the record for crossing the Atlantic in the fastest time in a powerboat in 1986.
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