Logo for racing yacht

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This customer received 46 logo designs from 22 designers. They chose this logo design from Nigel B as the winning design.
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We need a logo to be based on the one attached, but cleaned up. The logo is for a racing yacht so it must be visible afar. The logo should say "Challenge" and a slight variation should say "Challenge Sm28"
What I want is something based on the current one - with a slight twist somehow.
PLEASE DO NOT SUBMIT A DESIGN THAT IS TOO DIFFERENT FROM CURRENT DESIGN. IT HAS TO BE A REFRESH NOT A REVOLUTION.
THE WINNER WILL BE THE PERSON WHO DOES THIS BUT DOES SOMETHING MAGIC WITH IT.
Updates
Project Deadline Extended Reason: I would like something based on the original logo, with slight variations. people are ignoring the brief and submitting totally different logos. ONLY SUBMIT SOMETHING THAT IS LIKE THE EXISTING WITH A SLIGHT VARIATIONWE DO NOT WANT TO CHANGE THE BRAND --- WE ONLY WANT IT CLEANUP AND REFRESHED Added Thursday, December 18, 2014
Target Market(s)
its aimed at yacht racers
Industry/Entity Type
Racing
Logo Text
Challenge
Logo styles of interest
Wordmark Logo
Word or name based logo (text only)


Font styles to use
Colors
Colors selected by the customer to be used in the logo design:
Look and feel
Each slider illustrates characteristics of the customer's brand and the style your logo design should communicate.
Elegant
Bold
Playful
Serious
Traditional
Modern
Personable
Professional
Feminine
Masculine
Colorful
Conservative
Economical
Upmarket
Requirements
Must have
- MUST BE VERY CLOSE TO CURRENT LOGO
Nice to have
- HAS TO PLAY WITH FONT
- MUST BE SEEN FROM A DISTANCE
Should not have
- NO IMAGES
- NO WATER FLOWING UNDERNEATH LOGO - THE BOAT FLOATS ON WATER THEREFORE THIS IS REDUNDANT