Having lost the Volvo round-the-world-yacht race to Melbourne, the Auckland City Council is preparing a $1.5 million bid to lure another international yachting event.
Auckland is competing with Tauranga and Wellington to host the 2004-2005 Global Challenge, in which 12 identical yachts, crewed by amateur sailors, sail around theworld "the wrong way" - against prevailing winds and currents.
The loss of the America's Cup to Switzerland and the Volvo race change have left a big hole in the City of Sails' international yachting calendar.
Scott Milne, who chairs the council's recreation and events committee, said yesterday he was bitterly disappointed that Auckland was not even given a chance to bid for Volvo.
Mr Milne said the council would decide this week whether to bid for the Global Challenge.
Council sources said the cost to ratepayers of hosting the six-week stopover would be $1.5 million, but Mr Milne said this figure was incorrect.
He would not give details, saying only that it was a "sizeable investment".
It is understood the $1.5 million budget includes $214,000 for public relations and marketing, and $200,000 for staff, consultants and security guards.
