LIVERPOOL'S Summer Pops music festival is set to go ahead later this year.  

The city council has agreed in principle to sponsor a 16 day music festival at the new 4,000 seat indoor Equestrian Centre at Aintree Racecourse. 

The city council will invest £50,000 matched by another £50,000 from the Liverpool Culture Company.

Lib Dem Council leader Warren Bradley said: "This new proposal means that the Summer Pops will take place in Liverpool's birthday year, which is excellent news.  But I am insisting the amount of money we put into it is fixed and there is no extra risk for city council taxpayers. 

"This sponsorship deal limits the council's liability because the promoter is taking all the financial risk. It is a fantastic deal for the city's tax payers and means people will still be able to enjoy seeing some of the biggest names in music in Liverpool. It represents excellent value for council tax payers."

"We are also talking with other organisations interested in putting on music festivals in Liverpool. The city could soon be enjoying a number of top-class music events to help celebrate our 800th Birthday.

"I took the difficult decision to end the huge subsidies the council were paying to organise the Summer Pops. There have been some tough talks but this new deal now means we have a fantastic Summer Pops but with a much reduced contribution from the city council, saving up to £700,000 this year.

"The city reaps huge benefits from music festivals and we know from the Grand National that events held at Aintree benefit the whole Liverpool economy."

The event is to be organised by CMP Entertainments, who have run the Summer Pops music festival since 2001. In previous years some of the biggest names in music have performed at the event, including Elton John, Diana Ross, Paul Simon and James Brown.