Red Jet 7 will be built at East Cowes, securing 85 jobs there - and will join the fleet next summer.
Ainslie Gets Hero's Welcome
Lymington's Ben Ainslie got a big welcome home as hundreds packed out the town's yacht club to welcome the most successful Olympic sailor in history.
The four-time gold medallist was cheered as he entered the Royal Lymington Yacht Club on Tuesday 14th August.
His latest gold saw him overcome his Danish rival Jonas Hogh-Christensen to win in the Finn class off the coast of Weymouth.
He said: "It's wonderful to see so many friendly faces."
Ainslie also praised the work that the Lymington Yacht club does plus others around the country to support sailing, and encourage youngsters to take up the sport.
Five men have been questioned after shots were heard in Wimborne Road.
24-Year-Old Nikki Henderson Become The Youngest Ever Skipper Of A Clipper Round The World Yacht
18-Year-Old Found Injured In Old Christchurch Road On Friday Morning.
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