Past sponsors of the regatta included names like Wachovia, Washington Mutual and Countrywide Financial.
Wachovia was acquired by CitiGroup last year after taking heavy losses during the sub-prime mortgage crisis.
Washington Mutual became the largest bank failure in U.S. financial history in September last year. Bank of America took over troubled Countrywide Financial in January.
Other past sponsors of the regatta, like Bank of America and Wells Fargo, can’t sponsor the event this year, because of restrictions the firms agreed to after taking federal bailout money from the Trouble Asset Relief Program.
This year sponsors of the Hoag Cup include a lot of local names, like Newport-based Traditional Jewelers and Costa Mesa-based Warmington Homes, along with yachting companies and a few private citizens.
“It’s challenging, but we’ve been very creative, found some new sponsors and controlled our expenses very carefully,” said Jake Rohrer, director of general fund development for the Hoag Hospital Foundation.
“We’re very grateful to our sponsors and we expect to achieve our charitable goals. They’re not as generous as in 2007, but it will be a successful event.”
Organizers expect the Hoag Cup will have generated about $900,000 to benefit Hoag Memorial Hospital Presbyterian over the course of its five-year history at the end of this year’s races.
The previous two races had generated a little more than $700,000, Rohrer said.
A collaborative effort between Hoag Hospital Foundation, Newport Harbor Yacht Club and Balboa Yacht Club, the Hoag Cup hosts some of the world’s latest, high-tech sailboats for three days of competitive racing to benefit Hoag Hospital and its Hoag Heart and Vascular Institute.
Only boats more than 50 feet long are invited to participate, with as many as 20 entries anticipated for the three-day event, in which boats will race around buoys on a course set close to the shore.
IF YOU GO
TODAY: The first race begins at 1 p.m.; spectators can watch free of charge from the Newport Pier.
SATURDAY: A Hornblower spectator cruise will depart from Mariner’s Mile Marina, 2431 W. Coast Hwy at noon; tickets are required.
The first race begins at 1 p.m., with free viewing from Newport Pier. The Big Boat Wine Bash at Newport Harbor Yacht Club will kick off at 6 p.m. at Newport Harbor Yacht Club, tickets are required.
SUNDAY: The final race will begin at 1 p.m., with free viewing from Newport Pier.
INFO: Tickets for events can be purchased at www.hoagcupregatta.com or by calling (949) 764-7214.
