It's all over for Russian team in the Volvo Race

REUTERS - A Russian team has pulled out of the round-the-world Volvo Ocean Race as they do not have enough funds to continue, the team owner said.

Team Russia, led by St Petersburg supermarket owner Oleg Zherebtsov, announced it had suspended its operations after arriving in Singapore at the end of Leg Three on Tuesday.

"From the outset, it was always a goal to bring commercial partners into the project," Zherebtsov said.

"Until now, I have financed the team with my own money, in advance of anticipated sponsorship funding. By this stage in the Volvo campaign we had intended to find sponsorship, but this process has been impacted by the global economic situation."

The team, named Kosatka or killer whale in Russian, was hoping to make its mark on the international sailing scene, culminating in a finish in its home port of St Petersburg next June.

Kosatka was the latest Russian sporting venture affected by the global financial crisis. Many of the country's professional clubs in soccer, basketball and ice hockey have been forced to cut their budgets or face liquidation.