PROMISING F1 championship cars, BMX stunt riders and monster truck parades, the world’s first International Wheels Festival is set to cost Bournemouth council at least £200,000.

But although this budget has been set aside for the family-orientated, motorsport event, it is hoped the festival will create 150 jobs and bring a £9million boost to the economy.

Marking the start of summer, the large-scale event will be held from Saturday, May 24 to May 26 and will boast displays from classic cars, skilled skateboarders and customised cars.

Hailed as Britain’s biggest free wheels themed festival, the word-class event is expected to attract around 360,000 people to the town and mirror the Air Festivals’ success. Cabinet Member for Tourism Cllr Lawrence Williams, said: “A budget of £200,000 has been set aside for the Wheels Festival and £50,000 has already been received in sponsorship.

“There could also be additional infrastructure costs. We are hoping to recover the costs through commercial trading, sponsorship, grants and revenue from the park and ride scheme in a similar way to the Air Festival.”

Michael Schumacher’s F1 championship car sped through the Lower Gardens and was joined by a Bigfoot Monster Truck and sleek yellow Lamborghini Murcialago as part of the taster showcase in October.

Director of Bournemouth Tourism, Mark Smith, said: “The announcement of this new event is already creating a buzz amongst local businesses because it will be based on a similar business model to the tremendously successful Bournemouth Air Festival. This major new festival will further cement Bournemouth’s reputation as a premier destination.”

It is hoped there will be wheel-themed films and performances at the event, with potential funding coming from an Arts Council bid.