Updated 1:20pm 22 March 2012

Formula One plan for Liverpool

A “LIVERPOOL Pageant of Power” will see Formula 1 and Le Mans supercars racing through the city.

Powerboats and jet skis will speed across the River Mersey and helicopters will take off from Chavasse Park during the free festival in May.

Estimates suggest it could bring £500,000 into the city during one night of races, while a week of events will coincide with Liverpool One’s second birthday on May 29.

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