Entrants will play spot the ball at the website www.positivebuoyancy.org. The nearest 128 entrants will be flown to Monte Carlo in May.
Following a series of physical and mental challenges, two finalists will go into an undisclosed 'play-off'. The winner gets the boat and two years' worth of crew and mooring fees.
The money raised will go towards Unicef, the Valley Trust and the Reuters Foundation. Reuters is promoting the competition via its news feeds to City employees. It has called in Quay West Communications to handle media relations, specifically targeting the broadsheets and yachting press.