The race was sponsored by the British "Sunday Times" newspaper and was designed to capitalise on a number of individual round-the-world voyages which were already being planned by various sailors; for this reason, there were no qualification requirements, and competitors were offered the opportunity to join and permitted to start at any time between 1 June and 31 October 1968. The Golden Globe trophy was offered to the first person to complete an unassisted, non-stop single-handed circumnavigation of the world via the great capes, and a separate £5,000 prize was offered for the fastest single-handed circumnavigation.