Slow decision-making cost Oxford the chance to host a major motor rally event, according to the event's organisers.

Last November, Oxford city councillors agreed to host the ultimate round of the Formula Rally Series, with the event starting in St Giles.

The two-day rally, beginning on Friday, November 9, will now take place in Banbury.

First Motorsport, based in Great Tew, near Chipping Norton, chose Banbury after successful negotiations with Cherwell District Council. The company's managing director, Andy Moss, said: "While our initial conversations with Oxford City Council were positive, further decisions were not made sufficiently quickly to allow the rally to proceed in Oxford within the negotiated timescale.

"Cherwell Council proved very proactive, showing ambition and willingness to look at a positive longer term agreement with rally organisers."

Last November, city councillors agreed to back the event. But they changed their minds in May, when the organisers put them under pressure to finalise the arrangements, including the closure of St Giles. Liberal Democrat councillor Jock Coats said: "I am disappointed that Oxford missed out on hosting the rally. Many members of the council were enthusiastic about it, but others were not so keen, and when the council realised they would have to pay an officer to organise the event, it led to delays."

Cherwell district councillor, George Reynolds, said hosting a national rally in Banbury would confirm the importance of the motorsport industry in the area. He added: "Banbury will be designated the flagship in the Formula Rally series for years to come. The event is bringing considerable income to our tourism industry and a good boost to the local economy."

At the launch, there will be a Rally Show in the town centre, including live music and displays.