NEGOTIATIONS are in the final stages to bring a round of the Powerboat P1 World Championships to Penzance over the weekend of May 22-23.

This coup is thanks to the work of Penzance town councillor Mike Lovegrove, who initially negotiated with the race organisers.

Cllr Lovegrove gained the immediate support of Penzance Chamber of Commerce and the Penzance and District Tourism Association as both organisations saw the enormous economic potential for the town. Not only will the event be held this year but it is possible that it will be held in Penzance for a further four years at least.

The Powerboat P1 World Championships will be covered by Sky Sports and the organisers are also negotiating with Channel 4. This will bring unprecedented advertising for Penzance which could generate a huge amount of additional trade throughout all business sectors.

The racers themselves and their support crews number around the 400 mark and the races are followed by a large number of supporters. Races will be held along Penzance Promenade, which will provide a superb vantage point for spectators, which will not only enable them to have a very clear view of the boats, but they will also benefit from the outstanding backdrop of Mount's Bay, one of the 12 best bays in the world.

Chamber of Commerce chairman Mike Waters said: "Businesses are extremely excited about the event itself and the spin-offs for Penzance as a whole.

"We are indebted to Mike Lovegrove for his foresight in getting involved in the proposition as soon as he heard about it."

Andy Curtis, chairman of the Tourism Association, said: "This is great news for Penzance. I look forward to working with Mike Lovegrove and Mike Waters to make sure that the event is a success and that Penzance gains the maximum amount of publicity and trade out of it."

A meeting is being held with the organisers in Penzance within the next couple of weeks.