WEYMOUTH and Portland’s economy could suffer a £2million blow after being dropped from the Sailing World Cup circuit.

It could mean the end for Skandia’s Sail for Gold regatta, which has grown to be one of the biggest and best-attended events of the World Cup circuit, attracting a record entry of 1,049 sailors in 2011.

The International Sailing Federation (ISAF) is restructuring the Sailing World Cup series from 2013, reducing the number of events from seven to six.

They are also adding new venues in Asia and Africa or the Middle East as well as those in the Americas and Oceania.

The new ‘more global’ circuit comes at the expense of three of the five existing European stages, currently held in Palma and Majorca in Spain, Hyeres in France, Medemblik in Holland, Weymouth and Portland and Kiel in Germany.

Following a bid process, ISAF has announced that the two European stages will be held in Palma and Hyeres in 2013 to 2014.

The past two Sail for Gold regattas are estimated to have generated £1.5million and £2million respectively for the local economy. The Royal Yachting Association (RYA) and the Weymouth and Portland National Sailing Academy submitted a joint bid to ISAF, that achieved central government support.

John Tweed, chief executive of the Weymouth and Portland National Sailing Academy, said: “Everybody put their shoulders to the wheel. We put in what we thought was a very strong bid and it’s disappointing we have not been successful. We’ve got Sail for Gold taking place next year, which will be a big event, and the Olympic and Paralympic sailing events.

“We’ve got such a good reputation with the international sailors I’m very confident we’ll continue to attract other major events, world and European championships.

“We’ve actually got a very crowded calendar anyway and we’re very confident that will continue.”

RYA racing manager John Derbyshire, speaking from the ISAF Conference in Puerto Rico, said: “We’re hugely disappointed to have not been awarded the right to retain a British leg of the ISAF Sailing World Cup series, which was a major objective of the RYA’s in delivering a real and tangible 2012 legacy, but we congratulate the two European venues in Palma and Hyeres for their winning bids.

“We believe we submitted a strong bid which builds not only upon the excellent work that’s already been done to enhance the venue, but also draws on the high quality of the racing and race management, and initiatives to broaden the understanding and the appeal of the sport to a wider audience.

“We will still look for Weymouth and Portland to be actively involved in the Eurolymp regatta circuit, which is certain to expand and will attract world class sailors from around the globe to what are some of the best sailing waters in the world.”

SAIL for Gold was established in 2006, backed by UK Sport through its Lottery-funded World Class Events Programme and sponsored by Skandia.

It joined the ISAF Sailing World Cup, after it was launched in December 2008 to bring together the world’s leading Olympic sailors.

Following ISAF’s decision to make the series ‘more global’, the European events were subjected to a bid process.

An ISAF-appointed evaluation panel advised the Executive Committee on the bids’ key factors including sailing conditions, venue infrastructure and facilities, organisation and financial resources. ISAF President Göran Petersson said: “We received strong bids from the existing European events who have helped us grow the ISAF Sailing World Cup to what it is today. I am confident that both Hyeres and Palma will continue to develop, playing a key role in the future cup circuit.”

Four events in Asia, Africa or the Middle East, the Americas and Oceania, to complete the six-regatta circuit for 2013-14, will be announced in due course.