THE North-East is both a winner and a loser today. It is a winner because the Riverside at Chester-le-Street becomes the world's newest venue for a cricket Test match when the gates open at 10.45am.

This is wonderful news for the region and we applaud all those who have worked so hard to make the dream become historic reality.

We already know what a beautiful, passionate, and enterprising part of the world this is, and through the showcase of a great sporting occasion, millions of others will discover what we have to offer.

Of course, the day of sporting glory comes just 24 hours after the shock and disappointment felt across the region at the decision to make Liverpool European Capital of Culture.

With investment estimated at £1.2bn and thousands of much-needed tourism jobs at stake, it is a crushing blow for Tyneside and the wider region.

It would be wrong to begrudge Liverpool its right to celebrate as a city of tremendous strength, character, talent and humour.

But, demoralising though yesterday was, the people of Newcastle have every right to be proud of a city which has made bold investment in the arts and startling visual progress.

What is important now is that the momentum assisted by the Capital of Culture bid continues - not just on Tyneside but throughout a region which has limitless cultural potential.

These are exciting times. County Durham hosts the England cricket team in a Test match today and Teesside welcomes the England football team next week.

Middlesbrough has even managed to find a way to put on sufficient trains to cope with demand, so we know anything can be done if we try hard enough.

And only because we know Scousers are renowned for their sense of humour, we'll end with this comforting thought: Liverpool might be the European Capital of Culture in 2008 but Newcastle are in the Champions League next season.

Newcastle 1 Liverpool 1.