Transatlantic bid is called off

The mainsail of the yacht was badly damaged in the storm

Sir Richard Branson has been forced to abandon his transatlantic record bid after his boat's mainsail was "irreparably" damaged in a storm.

The businessman left New York in a 99ft (30m) racing yacht on Wednesday, in a bid to reach the finish line at Cornwall's Lizard Point in six days.

Mr Branson's children Holly, 26, and Sam, 23, and Olympic gold-medal sailor Ben Ainslie were among the crew.

The team hopes to make another attempt in a few weeks.

Lady Luck wasn't shining down on us at that time Mike Sanderson, Skipper

Sir Richard and the 25-strong crew of the yacht, Virgin Money, left New York earlier than planned in an attempt to avoid "ferocious" storms which were forecast.

But after 48 hours, the weather caught up with them in what Sir Richard described as a "night from hell", with winds reaching gale force nine and swells of up to 40ft (12m).

Sir Richard said: "We got taken by a massive monster wave from behind.

"Luckily all of the crew were harnessed in and no-one was swept overboard".

The wave washed one of the life rafts overboard, damaged the spinnaker and tore a massive hole in the mainsail.

We live to fight another day Sir Richard Branson

Skipper Mike Sanderson said: "We knew it was going to be tough, the forecast was tough.

"Lady Luck wasn't shining down on us at that time."

He said they had tried and failed to mend the damaged mainsail on board but that otherwise the boat was in "good shape".

Ben Ainslie, who has won four sailing Olympic gold medals, said: "It's obviously disappointing but it's been an amazing experience sailing on the boat."

The yacht and crew are currently sailing through the Bermuda Triangle en route to St George, Bermuda, for repairs.

They estimate they will be ready to attempt the record again in two weeks.

Sir Richard said: "Everybody on board is committed to getting the record.

"We live to fight another day."

The current transatlantic sailing record of 6 days 17 hours, 39 minutes and 52 seconds was set in 2003 by the yacht Mari Cha IV.