A daring bid to bring the Tall Ships Race back to the Tyne is underway, the Chronicle can reveal.
Newcastle and Gateshead are considering a joint bid to host the stunning event which attracts many of the world's great sailing vessels in 2005.
The Tyne has staged the Tall Ships Race twice before when it proved to be a huge crowd- puller, but it will be up against strong competition from other ports in the UK and the continent.
The opportunity has arisen because one of the ports due to host the race in 2005, Zeebrugge in Belgium, is expected to pull out.
Sailing Training International, which is organising the event, has put other leading European ports on alert - including Newcastle.
Newcastle was one of the original bidders for 2005 but it was decided not to use a UK port and the race went to Waterford in Ireland, Cherbourg in France, Fredrikstad in Norway and Zeebrugge.
If Zeebrugge pulls out, a decision on a replacement is expected within weeks and members of Newcastle City Council's cabinet were briefed privately by chief executive Ian Stratford this week.
The event would be costly to stage and other partners could include the regional development agency, One NorthEast, and the Port of Tyne Authority.
Newcastle Gateshead is already among the leading contenders for the European Capital of Culture crown in 2008 and the Tall Ships Race would be a major coup.
Newcastle would contribute about £500,000 and the other partners would also be expected to cough up significant amounts.
Much of the money would be spent on a festival of entertainment to accompany the event and on safety and security measures.
But the Tall Ships Race would provide the North East economy with a multi-million pound boost and a huge influx of tourists.
When Newcastle hosted the race in 1986 and 1993, massive crowds flocked to Tyneside.
Hundreds of thousands of people packed Newcastle Quayside where the ships were berthed and lined both banks of the river to watch the Parade of Sail as the majestic vessels sailed in procession down to Tyne to the North Sea.
By 2005 both quays will have been completely transformed. The development of Newcastle Quayside as a vibrant leisure, residential and commercial centre is nearing completion.
The Gateshead Millennium Bridge means people can stroll across the river and attractions on the Gateshead side include the Baltic arts complex and the Sage music centre being built.
Newcastle City Council's Labour leader, Coun Tony Flynn, said the cabinet backed the idea in principle.
Coun Mick Henry, leader of Gateshead Council, said: "If an opportunity came up for us to bid for the Tall Ships event then both Newcastle and Gateshead councils would certainly consider it."
Chronicle Comment - Hoping for calm waters
If Newcastle and Gateshead can bring the Tall Ships spectacular back to the North East it will be a brilliant coup.
Those who witnessed the last two visits of this maritime extravaganza can vouch for its crowd-pulling appeal.
It benefits not just the tourism industry but businesses throughout the North East.
On the last two occasions the event graced the Tyne money poured into the region from all quarters.
And with the eyes of the world on this international showpiece it will further boost the region's global standing.
Since the Tall Ships last trip to the Tyne the Quayside is almost unrecognisable.
Both sides of the Tyne have undergone a transformation which has helped make Newcastle Gateshead the leading contender for the honour of being made European Capital of Culture 2008.
To make the shortlist for that event and then be awarded the Tall Ships event would be a magnificent achievement.
