THE return to Southampton of one of the world's most famous yachting challenges in three years' time will herald a new era for the race.

And it should also mark a multi-million cash bonanza for businesses across the south.

Organisers of the Volvo Ocean Race have undertaken a radical overhaul of the event in a bid to revitalise it in the wake of criticism from competitors.

Its new look will see Southampton host a spectacular stopover start and finish over two weeks in the spring of 2006.Traditionally the city has hosted either the beginning or end of the challenge, and tens of thousands of people have gathered on the waterfront to enjoy the excitement over the years.

But the revamp should see a colourful carnival atmosphere in Southampton - and bring a huge boost to the region's economy.

In previous years the city has raked in around £7m from being part of the race.

But the figure should be even higher this time as the event will be focused on the city for a fortnight, bringing a huge tourism boost.

City council leader councillor June Bridle pledged: "We can guarantee a great welcome - and a great party.

"This race has a real heritage in the city and we are delighted to be hosting a stopover for the first time.

"The event will give visitors to Southampton's waterfront a chance to immerse themselves in this exciting sport that means so much to the prosperity of our region."

Details of the next race, which starts in the Mediterranean in November, 2005, before coming to a close in the Baltic eight months later, were announced earlier this month.

Other stopover ports on the traditional clipper route include Cape Town, Rio de Janeiro, Baltimore/ Annapolis, Gothenburg and an additional venue in Australasia to be confirmed.

The Grand Prix event has involved Southampton since 1989.

Its revamped return sees the city consolidate its role as a world capital for international sailing events.

The city council has forged partnerships with businesses and other local organisations in recent times to welcome the Global Challenge, Tall ships 2000 and the European Sailing Ryder Cup.

With Southampton Water running into the Solent, one of the world's busiest stretches of water for sail, and with Cowes, Lymington, the River Hamble, and Poole and Chichester Harbours nearby, the city is firmly established at the heart of British sailing.

The Volvo Ocean Race's impressive current standing as the world's premier ocean race is in stark contrast to its humble inception - over a pint of beer nearly 30 years ago.

It was the brainchild of Colonel Bill Whitbread, of the brewing family, and Admiral Otto Steiner from the Royal Navy Sailing Association.

The first round-the-world race got under way in September 1973, featuring yachts little different from those cruising around the Mediterranean at the time.

Communication between the fleet and organisers was based on a weekly position report to a coastguard, a far cry from today's state-of-the-art satellite equipment enabling competitors to file their position every six hours.

Brand new hi-tech 70ft monohull boats are currently under construction for the next event.

Organisers have pledged that fresh race rules introduced will ensure the onus is on imagination, creativity and sailing skills rather than the team with the biggest purse having the edge.

There will also be changes to crew make-ups to encourage more women and new scoring systems, with scoring gates introduced on the long ocean legs.

A further fresh aspect will be the inclusion of six in-port races, with points counting towards the overall result.

A race spokeswoman said: "These inshore regattas will provide an exciting atmosphere for the public, who will have the opportunity to see, first-hand, these spectacular race boats in action with their world-class crews."

Seventeen boats took part in the debut event, which set sail from Portsmouth, but only 14 completed the circumnavigation.

Three yachtsmen lost their lives in the Southern Ocean, where no one had raced yachts before.

The Volvo Ocean Race first came to Southampton 13 years ago to give a tourism cash boost.

Ken Bryan, director general of the Southampton Chamber of Commerce, said: "Events such as the boat show, Global Challenge and the return of the Volvo Ocean Race are vitally important to the prosperity of the city.

"Not only do events like the race bring money into the city, it does a tremendous job in raising the profile of Southampton across the world."