Yacht racing and marine events play Clipper is disposing of its loss-making 'rigid inflatable boat' (RIB) business. Clipper has agreed to sell the business to Ribs UK, a company owned by its own chief executive William Ward, for £150,000 in cash with £25,000 deferred until 30 June. The cash will be used for working capital and the deal is expected to be sealed at an EGM on 27 February. The disposal is part of a reorganisation process, announced in December, which will allow the group to concentrate on its core business of developing and promoting events capable of bringing in significant participation income, media coverage and sponsorship revenues. At the interim stage to 31 October, the group pared pre-tax losses to £123,000 (£227,000 loss) on sales of £1.68m (£735,000), with 90% of turnover wrought from the core races and events business. Reorganisation disruption means the group is likely to roll out losses for the full year to 30 April 2001.