The British powerboat Virgin Atlantic Challenger hit...

The British powerboat Virgin Atlantic Challenger hit an underwater object and capsized off southwest England, less than two hours from achieving the fastest surface crossing of the Atlantic.

All nine crewmen, including Richard Branson, millionaire owner of Virgin Records and Virgin Atlantic Airlines, climbed aboard two life rafts and were picked up by the British cargo ship Geestbay, voyage spokesman Alan Hughes said in London.

“We will build another boat and try again,” Branson, 34, said after the crewmen were taken by Royal Navy helicopter to the Scilly Isles, which had been their destination.

Skipper Ted Toleman said the crew heard a bang, and then the boat slowed. “We definitely hit something, but we don’t know what,” he said. “There was nothing we could do. We just started filling up. We were sinking very quickly. We had 10 minutes to get off into the life rafts.”

Before it ran into trouble, the $1.75-million Challenger was on schedule to beat the record set in 1952 by the liner S.S. United States, which made the 3,391-mile crossing from New York to the Scilly Islands in 3 days 10 hours 40 minutes.