PSP - which would call the event PSP Cowes Week - is thought to be competing with three other companies for the prestige sponsorship.

Southampton-based financial services firm Skandia pulled the plug on its Cowes Week sponsorship in March, making next year its 14th and last event.

PSP's move to take Cowes Week on from 2009 is underpinned by a multi-million-pound buyout of the firm by an American rival, which aims to expand on PSP's toehold in the lucrative boat transportation market.

Although he refused to name the US suitor, PSP owner Frank Dixie said they had identified Cowes Week as the perfect profile builder and have the money to pull off the deal.

Dixie, who stands to make a ‘shed-load of money’ from the deal, said the sale of his firm was at the due diligence stage and that he expected it to be completed within six months. He declined to reveal exactly how much the business - which employs 35 people and turned over £6.7m last year and is forecast to top £9m this year - would fetch.

Under the terms of the deal, Dixie would be expected to remain for five years, and he would be tasked with expanding the boat transportation side of the business by targeting clients of local rivals.

He told Echo Business: ‘We are going to shake up the industry and we're going to be gunning for some rivals who've got complacent.’

‘We have been in discussions with Frank and those discussions are ongoing, as they are with several other companies,’ said Cowes Week chief executive Stuart Quarrie. ‘It is still at an early stage but they are genuine discussions.’

With its head office in Fareham, PSP has offices London, Vietnam, China and Hong Kong.