Plymouth has been chosen as one of the locations for the 2011 America's Cup World Series.
The city will host the second round of the series in September, with the other two stages held in Cascais in Portugal and San Diego in USA.
The World Series is the qualifying event for the America's Cup, due to be held in San Francisco in 2013.
15 teams have entered the series, the winner of which will battle for the Cup against holders, Oracle, in 2013.
The Portuguese town of Cascais will stage event one between 6-14 August, before the teams head to Plymouth over 10-18 September.
The final leg of the qualifying event is due to be held in San Diego, California between October and December.
Vivien Pengelly, leader of Conservative-run Plymouth City Council said: "We are thrilled that Plymouth has been selected to be a host city for the America's Cup World Series.
"It will be a real opportunity for Plymouth to show off its assets to the world and it will support our ambitions to further develop our visitor and marine sectors."
The America's Cup, which was first contested in 1851, is the oldest trophy in international sport.
Richard Worth, chairman of the America's Cup Event Authority said: "Similar to San Francisco, Plymouth Sound is a natural stadium that will bring the racing to the spectators and really showcase the yachts in a spectacular way.
"We're excited to have a Northern European venue that has a deep understanding of the sport of sailing, and has long supported its growth and promotion."