SOUTHAMPTON council bosses will not be bidding to host one of the world’s biggest sailing events the Daily Echo has learned.

They say they cannot justify the “high cost” of bringing the Clipper Round the World Yacht Race back to the city even though it is estimated to boost the local economy by £5 million.

Instead council leader Cllr Simon Letts has issued a challenge to the region’s businesses to put up the money themselves – and the council will try to match whatever they raise.

Thousands gathered at Ocean Village and watched along the Hampshire coastline in 2011 to see off the Clipper yachts crewed entirely by amateurs when they left Southampton to embark on the 40,000-mile challenge. The fleet returned to similar scenes 12 months later.

Daily Echo:

Clipper Ventures, the Gosport-based firm behind the race, offered that year’s event at a discounted rate of around £70,000 because it suited it to have the race start and finish near its headquarters.

No discount was offered the following year. City bosses deemed the £500,000 cost too high and the race started and finished in London.

Now the council, which is having to slash £31 million from its budget for the financial year starting in April 2015, has ruled out entering a bidding war.

Clipper Ventures has not revealed how much it is asking for to host this year’s race and said it would be looking at a number of factors based on what each area can offer.

A city council spokesman told the Daily Echo: “We are not currently looking to bid for Clipper 2015-16 as we are unable to justify the high costs involved at a time when we need to make significant savings. However, we do have a fantastic schedule of exciting events planned for the city in 2015. These will provide high quality events for residents and visitors to Southampton and will contribute significantly to the local economy.”

However, Cllr Letts added: “If we get any take up from businesses then I’m prepared to put some money together to match them.”

Businesses must act fast to ensure Southampton is in the running as race bosses hope to choose a location by the end of the month.

Jonathan Levy, Clipper’s director of business development, said: “We have strong interest in hosting the start and finish of the tenth edition of the Clipper Race from the south of the UK.

“Southampton proved an excellent location in 2011-12 and there is still a small window of opportunity if there are any other organisations or consortia who wish to express a serious interest.

“It would clearly be good for Southampton to bring back ocean racing to the city and benefit greatly from the high economic impact of hosting the race, promoting trade and tourism, and all the associated global media exposure.”

The race, which was founded by Hampshire sailing legend Sir Robin Knox Johnston, sees amateur sailors pay to join professional skippers on the ultimate sailing challenge between August 30, 2015 and July 2016.