WEYMOUTH and Portland is on the crest of a wave after councillors decided the borough should be in the running to host the biggest tall ships race ever staged.

But the cash-strapped borough council is hoping a large amount of money to fund it will come from sponsorship.

The borough has been approached by the International Sail Training Association (ISTA) about hosting the start of its prestigious golden jubilee event in 2006.

The borough's management committee yesterday gave the idea its overwhelming support and was told a decision on the favourite host port should be made by March.

The council heard that Portland Port supported the event in principle.

Weymouth's success with similar tall ships events in 1983, 1987 and 1994 has made the ISTA look on the resort favourably.

The deep waters of Portland Harbour combined with the family-friendly atmosphere of Weymouth made the area ideal, the committee heard.

It is estimated the cost to host the event could be up to £250,000 and although the council will not directly benefit financially, the race would be seen as a massive economic boost to the area.

Tourism spokesman Coun Brian Ellis said: "I would like to remind the committee that when we hosted the race in 1994 the area was in a poor economic state.

"We had the naval base closure and a bombsite for a town centre - everything was going against us.

"I know we have financial difficulties but how do we set ourselves apart from other resorts without these type of events.

"The tall ships race is an event which makes Weymouth and Portland a unique area."

Responding to committee chairman Anne Thomas, harbour services manager Martyn Gallivan said although a large chunk of funding could be found through sponsorship there would undoubtedly be a cost to the authority.

He said the race would start from Torquay, but Weymouth and Portland were among possible ports to gather the fleet.

Two other ports along the south coast are also in the running, he said.

The committee was reminded that, if successful, there would be an impact on staffing and this could mean cutbacks in some services.

Coun Howard Legg said: "If we're successful it will be the biggest event we've had and people will remember it."