Waterford has submitted a bid for the return of the Tall Ships' Races in 2011 following the city's successful staging of the event in 2005.
The races are organised by Sail Training International, a British-registered charity with worldwide membership, which provides sail training for "young people of all nationalities, cultures, religions and social backgrounds".
Ireland is represented by Coiste an Asgard, a company chaired by the Minister for Defence, which operates the Asgard II training vessel for young sailors.
Tall Ships' Races have taken place in European waters since 1956 and visited Cork and Belfast in 1991 and Dublin in 1998.
However the races started from an Irish port for the first time in July 2005, when 87 ships from around the world, including the Irish ships Asgard II, Jeanie Johnston and Dunbrody, manned by 3,000 crew, gathered in Waterford.
Officials in Waterford say 450,000 spectators visited the port city over four days, making it the biggest tourist event to date in the southeast region and generating €30 million for the local economy.
A joint bid by Waterford City Council and the Port of Waterford Company for the 2011 event was submitted this week to Sail Training International.
Waterford's mayor councillor Laurence O'Neill believes the bid document makes a "very strong case" and commits financial backing for 25 Irish trainees to participate in sail training annually between now and 2011.
The bid is supported by Minister for Transport Martin Cullen who said that "the timeframe is fortunate indeed as two more key pieces of transport infrastructure will be in place before then that will make Waterford more accessible from all parts of Ireland".
Mr Cullen was referring to the planned motorway connecting Waterford with Dublin, a bypass including a new bridge over the River Suir, which are expected to be completed by 2010.
The bid also has the backing of Minister for Arts, Sport and Tourism John O'Donoghue.
A decision is expected by Easter.
