From a European point of view I don't have the feeling that racing is in decline. ..... In France sailors are almost national heroes!
And French Ocean races are not French races anymore. They have sailors from all Europe and even some Americans. They put the emphasis on human exploit and seamanship and are mostly duo or solo races.
Here you have a link for the French Mag "Course au large" in the English version "Ocean Racing". This one is free. You have just to register.It has great photos.
OCEAN RACING : 100% SAILING, 100% RACING !