In 1997, barman Alex Lambert paid £78 for the domain name Surfworld.com. In mid-January 2000 he sold it for £1.1 million to internet services company Phase8.
The site will be devoted to covering the world of extreme sports, which was Lambert's pastime until he suffered a serious injury while mountain biking. This prompted him to become a barman, and, after buying the name Surfworld.com he borrowed £10,000 from the Prince's trust to develop a site.
Phase8 managing director John Sewell says; "this site has huge potential and is already generating massive traffic due to its unique name. When fully developed it will be particularly attractive to media companies like BSkyB or Carlton. It also fits in well with our plans to float this Spring.