Window closing for Branson challenge

LONDON, England (CNN) -- Billionaire Richard Branson's hopes of breaking the transatlantic sailing record this year look to be reducing by the day.

The 99 foot vessel Virgin Money is currently undergoing repairs in Bermuda after last week's failed attempt to claim the record.

Meanwhile, Branson has refused to give up on trying for the record this year.

Speaking after turning around from the first attempt, he said: "I am surrounded by the most amazing group of world class sailors - all of whom are still committed to getting this record -- its just a shame it wasn't to be on this attempt. Virgin Money will soon be fighting fit and ready to take on the Atlantic again in the very near future."

The boat's co-skipper Mike Sanderson has also been optimistic about another attempt this year, saying: "Lady Luck was not smiling down on us this time round. Virgin Money performed well and she'll be good to go again just as soon as we get the mainsail repaired."

A Virgin spokesman told CNN that repairs were ongoing this week, and it would be clearer next week whether the boat could be ready for another challenge this year.

• See a CNN iReport of Virgin Money arriving in Bermuda

However, he added that "the season is drawing to a close" and any challenge would have to set sail before November 20 at the latest to avoid the dangers of freezing waters and worse weather patterns after that time.

If a record attempt can not be made before then it would have to be postponed until Spring 2009, the spokesman said.

Branson's crew, which included British sailing gold-medallist Ben Ainslie, and Mike Sanderson -- the New Zealand director of Britain's new America's Cup syndicate, Team Origin were hit by a huge storm two days into the record challenge, when a 'monster wave' tore the spinnaker, washed a life boat overboard and ripped a hole in the mainsail.

The time they are trying to beat is held by skipper Sanderson, who achieved the current transatlantic record of 6 days, 27 hours and 52 minutes in 2003 aboard Robert Millar's Mari Cha IV.

The journey should take the boat from a start at New York into the North Atlantic before moving east to finish at Lizard Point, off the coast of Plymouth in the United Kingdom.