Sports Minister Richard Caborn today insisted he is ready to back a Solent bid to host the America's Cup.

But it looks as though the south coast has missed out on the chance to stage one of the most glamorous events in the world's sporting calendar.

Caborn was contacted by Chris Huhne, the Liberal Democrat MEP for Hampshire.

The Minister replied by saying such an event would be "very advantageous for Cowes and its community".

He pointed out that it is up to the sports governing body to make a bid to host the event, but added: "I would be delighted to lend my support should a proposal be submitted."

The ministerial backing has delighted Huhne, who argues that there would be great economic advantages for the Isle of Wight and Southampton if the Solent is chosen as the venue for the winning Swiss crew to defend the America's cup.

"The Solent is the natural European home for the America's cup race, and it would bring millions of pounds and hundreds of jobs into the local economy," said Mr Huhne.

"Now that there is ministerial backing, I hope that the local authorities and the sports governing body will mount a vigorous campaign to persuade the Swiss to come here.

Cllr Shirley Smart, Leader of the Isle of Wight Council said: "I am delighted to see such a positive response from Mr Caborn."

Despite Caborn's comments, the 32nd America's Cup will almost certainly be held elsewhere in 2007.

The tournament has never been held in Europe before, but all that changed when Swiss challengers Alinghi won the Cup in Auckland in early March.

Eight cities have been asked for additional information with a view to hosting the America's Cup - Barcelona, Lisbon, Marseille, Naples, Palma de Mallorca, Sardinia, Porto-Cervo, Tuscany, Elba, and Valencia.

They will be narrowed down to four this month with a winner chosen in December.

Michel Bonnefous, in charge of the selection process, said: "We have identified eight sites and sent them a request for additional technical information, especially concerning meteorology, facilities and infrastructure.

Huhne said: "I cannot believe there is another site in Europe that offers facilities and infrastructure as good as we can offer in the Solent.

"It seems to me that the one thing the eight places named can offer which we can't is better weather - we'll just have to wait until Global Warming comes in!

"We can offer a superb infrastructue - from hull building to all the equipment providers on the island and in the region.

The Island would of course benefit, but there would be benefits to Southampton and to a lesser extent Portsmouth as well."