SAILINGCOWES could lose one of its most popular events within Cowes Week — if the Island does not stump up a fee believed to be around £100,000.
OC Events, organisers of the Extreme 40 Sailing Series — formerly known as the iShares Cup — have stated the competition may not return if the town does not pay a venue fee.
The British leg of the six-round competition has been held in Cowes for the past three years alongside Cowes Week, and has become popular with spectators for its close-up action.
While the fee of £100,000 has not been confirmed, the figure was mentioned in a report by Island Business magazine, which featured an interview with Mark Turner, of OC Events.
In it, he said: "I don’t think we’ll be in Cowes unless we’re in some kind of financial engagement but we’re in no way looking to match what we get elsewhere."
Lou Newlands, the company’s communications director, told the County Press: "The port of Almeria, Spain, hosted the final round in 2009 and has now signed a three-year deal.
"An independent evaluation by the Spanish government has shown the region benefited from an economic return of 2.7 million euros.
"Our objective is to work with host venues who can make the investment required to stage a first-class, sporting entertainment package for the public, and help us grow the circuit.
"We accept that each venue comes with its own set of challenges and we look to work with each venue to agree a mutually beneficial package, that may be based on a mixture of rights fee and value in kind.
"At this stage we are in confidential discussions with the IW Council to see if it is possible for the Extreme Sailing Series to return to Cowes in 2010."
Cllr George Brown, the IW Council’s economy and tourism portfolio holder, said there were no council resources available to pay the fee.
"I don’t think the resources are available, they cannot be made available by the IW Council and I don’t know of any other businesses that could," he said. "It would be a terrible shame to lose it but it would not be the end of the world.
"There are still 800 yachts racing throughout Cowes Week."
Michelle Warner, sales and marketing director at Cowes Week Ltd, which organises the regatta, said: "We are in discussions with OC Events and so far, they have been positive."