Hamilton Harbour will once again play host to the world's oldest match racing tournament held in One Design yachts...the Omega Gold Cup.

To the victor goes the gleaming King Edward VII Memorial Cup...and a bundle of cash. A booty earned through the swiftness of craft combined with alertness of mind.

Since 1952 the awe-inspiring event has graced the intimacy of Bermuda, providing watchful pleasure for the avid spectator and curious temptation for passers-by.

Omega has played the role of title sponsor the past three years for an event that attracts some of the biggest stars in modern times. It will again assume the role, as festivities are tentatively scheduled to commence on October 17.

Kiwi Russell Coutts won last year in a gripping finale with Paul Cayard, the American who skippered Italy's challenge Il Moro de Venezia to second place in the most recent America's Cup.

Cayard failed in his bid to wrest the Omega title last year, but his slick style was a joy to watch and only the tactical genius of Coutts prevented him etching his name among the list of winners.

Both are set for a return visit, but there are doubts about the availablity of Chris Dickson, with the New Zealander taking part in the Whitbred race.

A major alteration in the awarding of points has added new significance to the earlier rounds as well as the Bank of Bermuda Cup, which will give those lesser known taking part a chance to battle for world rankings points.

The system though, is progressively weighted, with the championship round a grade one level event, as opposed to the qualilfying and Bank of Bermuda Cup, which are grade three and four respectively.

Chief organisers Sail Sports have so far succeeded in presenting a high quality product, evidenced by its tremendous international media coverage and favourable endorsement by the competitors themselves.

One of those responsible is Scott McLeod and he said that this year's event is "going to be bigger than ever.'' "This is a huge event,'' he added. "It's ranked by the sailors as the top event in the world and the Press coverage has been overwhelming, especially last year.'' Pictures of spinnakers flying, crew scurrying about the deck, along with the illustrative setting of the City of Hamilton and Harbour Road were beamed throughout the globe.

This aspect is obviously pleasing to those involved with the sale of Bermuda, thus the alignment with Government.

"We have been working closely with the Department of Tourism to make this a tourism travel destination event,'' said McLeod. "Each year we're looking at ways to improve the event...but it's getting hard to do so.'' A total purse of $80,000 is on offer, with the winning skipper taking home $30,000 and an 18-karat solid gold Omega watch. The registration fee has been lowered from $1,200 to $1,000.

DEFENDING CHAMPION -- New Zealander Russell Coutts who defeated American Paul Cayard 3-2 last year.

PETER BROMBY -- Put up a fine showing before falling to eventual champion Russell Coutts in the semifinals.

AMERICA'S CUP RIVALS -- Paul Cayard (7) and Chris Dickson (9) do battle in last year's semifinals.