Three town business groups today pledged full support for the four-day event which will attract an estimated one million visitors and an estimated £16m in spending power to the town.

Between August 7 and 10 next year, more than 100 tall ships will arrive in Hartlepool for the biggest festival the town has ever seen.

The town branches of the North East Chamber of Commerce, Federation of Small Businesses and Hartlepool Business Forum all pledged their support today.

John Megson, the co-ordinator of the Hartlepool Business Forum, said: "The Tall Ships' Races is such a unique opportunity to put Hartlepool on the global map, never mind national and regional.

"It is imperative that businesses large and small come on board by way of sponsorship. The project isn't just for the few days whilst it is with us, with potentially in excess of one million visitors contributing many millions to the local economy, but equally important is the legacy left for years to come.

"Tourism is an increasingly important part of Hartlepool's economy both financially and also by increasing the numbers of people employed in the tourism and leisure sector.

"There are many successful businesses in the town as witnessed at the annual Business Awards. It is now important that businesses see and take advantage of the opportunities in contributing and benefiting from the different packages available."

Peter Olsen, the chairman of the Hartlepool committee of the North East Chamber of Commerce, said the chamber was "happy to recommend the Tall Ships' Races sponsorship packages that are available to all businesses to our members.

"The packages will suit a range of business from small to large and we will be contacting members to encourage them to benefit from this marvellous event in Hartlepool and the Tees Valley.

"The packages lend themselves to provide both corporate entertaining and also opportunites for team building rewards, such as the days sailing, included in some of the packages.

"There are also volunteering roles available to employees which our members may find of interest."

Colin Griffiths, the chairman of the Hartlepool branch of the Federation of Small Businesses, described the races as "an incredibly exciting time" for Hartlepool.

He said the FSB "cannot wait to get involved.

"The event is unique in that, it can not only attract the involvement of the large business organisations but it also encourages the smaller businesses to sign up and support the event.

"The gain for these small businesses will be huge with in excess of one million visitors attending the event and the FSB."

FSB officials are encouraging all of their members to get involved in the races. The branch has more than 4,000 members in North East England alone.