Today ministers announced £7.5million of Government funding to support Sir Ben Ainslie’s America’s Cup team to be based on the Camber in Portsmouth.
The investment will be supported by an additional £1.4m from Portsmouth City Council.
The headquarters will initially employ about 90 people, with further potential jobs in the supply chain.
It will become the focal point for the design, construction and development of the team’s boats, as well as providing sports science and fitness facilities and a visitors’ centre.
An apprenticeship and training scheme will ensure the site is sustainable and there will be a drive to ensure the project acts as a catalyst to encourage participation in sailing, all areas of the marine industry and development the talent of the future.
The project has the potential to bring significant economic and sporting benefits to the UK, particularly for Portsmouth and the wider Solent area.
A recent report on Team New Zealand suggested that its base in Auckland created 1,000 jobs and brought an $88m boost to the local economy.
The Prime Minister David Cameron, who discussed Sir Ben Ainslie’s plans with the four-time Olympic Gold medallist during a meeting today at 10 Downing Street, said: “Sir Ben Ainslie’s project is truly fantastic news for Portsmouth and the Solent.
“It will not only build on Portsmouth’s global reputation as a centre of marine and maritime excellence but will also deliver a real sporting and economic boost to the UK.
“It is a great example of our long-term plan – creating jobs as well as opportunities for young people to develop their skills through apprenticeships.
“This is an exciting and historic challenge and I hope the whole country can get behind Sir Ben’s campaign.”
Four-time Olympic gold medallist, Sir Ben Ainslie said: “Portsmouth has a great maritime heritage and we felt it was a natural home for the team’s permanent base in the UK.
“There is excellent access to the water for the team’s training and to host future America’s Cup events, with fantastic spectator viewpoints.
“We hope through our journey to bring the Cup home to Britain we will inspire more young people to get involved in the sport, along with supporting the growth of the marine sector in the Solent area to match the country’s F1 innovation hub.”
Business Secretary Vince Cable said: “This is intelligently targeted Government investment in the future of Portsmouth and the Solent.
“This part of the country has faced some tough times, but Sir Ben Ainslie’s project will be a welcome boost to the local economy.
“It will create new jobs, apprenticeships and opportunities for young people by building on existing strengths in areas like marine and tourism.”
Minister for Portsmouth Michael Fallon said: “I’ve been flying the flag for this iconic project across Government and am delighted that we are supporting it.
“This is a historic opportunity for Portsmouth and the Solent’s economy, tourism, marine industry and skills base.
“Portsmouth can make a huge contribution to the winning team Sir Ben Ainslie is putting together.”
Government support for the project was a key recommendation of a recent report by Rear Admiral Rob Stevens on boosting growth and jobs in the marine and maritime industries in Portsmouth and across the Solent.
The report was commissioned by Minister for Portsmouth, Michael Fallon. The Solent Local Enterprise Partnership also stressed the importance of the project as part of their bid to Government for a Local Growth deal for the region.
The Government funding package includes contributions from the Department for Business and Department for Communities and Local Government.
Sir Ben Ainslie launched his bid to win the 163-year old trophy, never yet won by Great Britain, on June 10. The Duchess of Cambridge attended the launch at the Royal Museums Greenwich to show her support for the campaign.
The team plan to complete construction work in Portsmouth by May 2015.
