A YACHT race around the world will not start and finish in Southampton.
Gosport-based Clipper Ventures is hoping to see the start and finish of the 2015/16 Clipper Round the World race on the south coast. But yesterday Southampton City Council announced it will not be bidding to host it.
Created by Sir Robin Knox-Johnston, who lives in Old Portsmouth, the race is estimated to boost the local economy by £5m but council bosses say the high cost cannot be justified.
For the next financial year the council has to cut £31m from its budget.
Council leader Simon Letts has suggested businesses should put up the money themselves, for the council to then try and match what they raise.
The last Clipper Round the World Race, in 2013/14, started and ended in London.