An estimated £6 million ($9.29m/EUR9.44m) is being pumped into the initiative which includes plans to build a fleet of 12 new boats each of which will be sponsored by an international city from a different country.
The five-year development strategy is being headed by Sir Robin Knox-Johnston, chairman of the AIM-listed ocean racing and marine event company Clipper Ventures, with the new property to be marketed by the Fast Track agency on a worldwide basis.
Said Knox-Johnston: "This initiative will pit city against city, nation against nation and give the race a fresh competitive edge. There will also be a new route for the race, which will take in all the major business regions of the world."
The Clipper Race is one of two around the world yacht races run by Clipper Ventures which also manages Around Alone, a solo grand prix challenge for the world's leading sailors.
Plans have been unveiled to develop the Clipper 2005 Round the World Yacht Race into a major global sports property.
