Puma, a German outdoor clothing company, has a public relations offices in Boston and is sponsoring a boat in the 2008-09 race. The worldwide race is held every four years.

Gregory Barnhill, chairman of Ocean Race Chesapeake, the local organizing committee for the race in Maryland, said he was not surprised by the move.
“The boats determine the race course. Given all the things we did right, we just didn't have that one element,” Barnhill said.

A Maryland study showed last year's three-week stay in Baltimore and Annapolis generated an estimated $40 million for the regional economy. However, the race does have its costs. For each visit, Ocean Race Chesapeake had to raise $1.2 million in cash and $1 million in in-kind services to create a race village in Baltimore's Inner Harbor.

Annapolis, meanwhile, spent $600,000 last year to dredge the harbor so that the 70-foot sailboats could tie up at City Dock.

Race organizers looking to tap new markets for the next race would like to add stops in the Middle East, Southeast Asia and India, and two ports in China to the 38,650-nautical-mile course that begins in Alicante, Spain. That could mean dropping other ports.

The race schedule on the Volvo web site lists one East Coast stop, beginning about May 16, 2009, although race organizers say a one-day stop may be included. Last year, the race stopped for a day in New York.

“It is unfortunate, but it's not easy to find a sponsor with $20 million,” said Hannah Byron, assistant secretary for tourism, film and the arts in the Maryland Department of Business and Economic Development.