The spectacular firework finale for Cowes Week has been saved thanks to a deal with sponsors.Picture by Jennifer Burton.
UPDATED 12:07*
THE UNDER THREAT Cowes Week firework display has been saved thanks to a deal with sponsors Aberdeen Asset Management.
Organisers announed today (Wednesday) that the financial services company had extended its support to include a significant proportion of the necessary funding for the 2012 display.
Martin Gilbert, CEO of Aberdeen Asset Management, said: "The fireworks display on the final Friday of Cowes Week is one of the regatta’s great traditions.
"Aberdeen Asset Management, in partnership with a range of financial groups and other organisations is proud to be playing a key role."
Other organisations have also come forward with financial support for the fireworks, including Cowes Week Limited, Cowes Town Waterfront Trust, City AM newspaper, Artemis Investment Management, JLT Specialty Limited, the Island Sailing Club, the Royal Corinthian Yacht Club, the Royal London Yacht Club, the Royal Yacht Squadron, the Royal Ocean Racing Club, GKN, Red Funnel Ferries, Blue Funnel Ferries, and Solent and Wightline Cruises.
Organisers said other donations were anticipated following pledges of support.
Stuart Quarrie, chief executive of Cowes Week Limited, said "We are delighted to be working in partnership with Aberdeen Asset Management and the other organisations involved in creating a solution for the fireworks.
"We are pleased to confirm that Cowes Week Limited is pledging to match any donations received from members of the public over the coming months".
The fireworks display will be held on the final Friday of this year’s Aberdeen Asset Management Cowes Week, Friday, August 17.
*The deal means the event is safe for 2012, but future events have not been guaranteed according to a spokesman.
A new committee is to be established to try to secure funds for future events.
The committee includes representatives from Cowes Town Waterfront Trust, Cowes Week Limited and the Isle of Wight Council. The chosen fireworks company will also be co-opted onto the committee.
The spokesman said there was still a need for people to make donations to support future events.
"Donations from individuals and organisations who enjoy or benefit from the display are strongly encouraged, particularly from those who have previously pledged their support," said the spokesman.
Donations can be made securely online with paypal via the official event website (www.aamcowesweek.co.uk) or in person at the Regatta Centre in Cowes.
Any surplus funds will provide a head-start for the 2013 display – this will be an important aspect of sustaining the display in the long-term, said the spokesman.