It is clearly a dilemma.

If Southampton City Council does not use taxpayers’ money to bid for the Around the World Clipper Race to start and finish in the port then it will be accused of reneging on its role to attract major money-spinning events.

If it does offer the £500,000 needed to attract the race it risks being accused of splashing out scarce cash at a time when it is seeking to cut £31m from its budget on a rich man’s sport.

City Council leader Simon Letts has hit on a compromise where the council will match some funding if it was provided by private companies.

That seems fair and we cannot say at this stage if such a pot can be raised even if the race is estimated to be worth around £5m to the city economy.

But if the city fails to host the race then Portsmouth’s advance on the title as sailing venue of choice for the south coast following the siting of Sir Ben Ainsley’s America’s Cup bid grows ever stronger.