After suffering an overall loss of £177,000 on last year's balloon festival, Northampton Borough Council decided to scrap it as part of a cost cutting budget announced in February.

But Pure Leisure Group has now stepped in to keep the historic event alive by agreeing to allow the organisers, the Chiltern Region of the British Balloon and Airship Club (CRBBAC), to use a large field in the grounds of the holiday park in Little Billing, Northampton, from August 14 until 16.

The balloon festival will involve morning and evening flights of up to 35 balloons from all over the UK and Europe, including a spectacular Saturday night "Evening Glow".

Billing Aquadrome's events organiser Karen Joseph said: "The balloon festival has attracted hundreds of thousands of people to the area in recent times and we are really pleased to keep this Northampton tradition alive.

"With the investment that is being made in Billing Aquadrome's family-friendly facilities and projects like this, it is clear that Billing's owners take their responsibilities as custodians of this important part of Northamptonshire's tourism economy seriously."

Northampton Borough Council's cabinet member for community engagement, Councillor Brendan Glynane (Lib Dem, Delapre) said it was "fantastic news" the balloon festival had been saved but said it was only likely to be at the holiday park for one year before returning to the Racecourse.

Councillor Glynane said: "There have been a number of companies interested in taking on the balloon festival. There are two companies who are interested in putting it on at the Racecourse, at no cost to the borough council, but they realised they could not do it for this year so they are working on a proposal for next year."

Councillor Glynane said council officers would be working with staff at Billing Aquadrome to help them with the health and safety aspect of putting on the event including crowd control and vehicle parking.

He said: "It is a good demonstration of partnership work as we will be helping Billing Aquadrome to make the event happen.

"I am sure they will make a success of running the festival."

The balloon festival at Billing Aquadrome will coincide with an American Car Show on the same weekend so pre-booking of camping and purchase of car park tickets is encouraged.

For more information on the events call Karen Joseph on Northampton 784948 or email Karen@aquadrome.co.uk or, alternatively, visit the website www.billingaquadrome.com.