SCOTLAND announced a major coup yesterday with the launch of a new live televised event, the Celtic Cup, which will be contested between the hosts, Wales, Ireland, and a Bank of Scotland 2014 squad.

The 14-event meeting, the first between these countries in Scotland since 1982, will be on Thursday August 17 at Grangemouth, which is to undergo an GBP85,000 facelift before the event.

Since the 1986 Commonwealth Games, there has been only one Scottish team appearance on home soil, and vests for the match will be among the most coveted by any athlete.

The event is the weekend after the Scottish Championships which clash with the European Championships in Gothenburg, but this match is likely to feature more than just leading European athletes from Sweden.

Already, approaches have been made to former Olympic champions Maurice Greene and Allen Johnson to compete in the 100 metres and sprint hurdles, as guests in the match. Plans for a world record attempt are on the table, although scottishathletics, the organising body, are keeping details of that tightly under wraps.

However a clue was given with the local authority confirming that plans to upgrade the arena include relocating the pole vault immediately in front of the stand in the stadium, where they hope to increase capacity to 5000.

"We are in negotiation with Greene and Johnson's management company, " said Pierce O'Callaghan, the governing body's event manager. "With a bit of luck, we may be able to get them both to run in the Scottish championships the previous weekend, as part of the package."

A mile race is on the programme, and discussions have taken place with a view to a head-to-head between Nick Willis, NewZealand's Commonwealth 1500m champion in Melbourne, and Australian icon Craig Mottram, World and Commonwealth 5000m medallist. Mottram, whose mother is Scottish, fell when tipped to medal against Willis in that race. Ireland will have Alistair Cragg, who counts a victory over the Ethiopian star, Kenenisa Bekele. Whoever represents Scotland will be in the race of their lives.

"The idea is to try to get more Scots under four minutes for the mile, " said chief executive Geoff Wightman.

Only 19 Scots have broken that barrier, and only two (Glen Stewart and Ian Gillespie) in the past 10 years.

BBC Scotland will cover the meeting which has yet to secure a sponsor, and Lee McConnell, the Commonwealth 400m hurdles bronze medallist, will captain the home side. She was upbeat about her season despite a cold which has ruled out a race in Prague on Monday, and the inability to train with specialist hurdles coach Sandy Ewen, who has been ill.

"I want to be sure I am fit to race at Gateshead a week on Sunday, " she said, but enthused about the match which will give a platform to the youngsters who will be the nucleus of the 2014 Games team. "I will not be around by then, " she said.

However Chris Baillie, silver medallist at 110m hurdles in Melbourne, is out of the Gateshead meeting. The Glasgow athlete has a metatarsal injury reminiscent of that which has stricken England footballerWayne Rooney.

"I injured the foot five weeks before the Commonwealths, and it has not completely cleared up, " said Baillie. "I've not been able to run or hurdle for more than two weeks. I've had a scan and will see a consultant on Monday. Hopefully it won't be too long before I'm back in action."

Falkirk Council say some 15,000 local schoolchildren have been invited to attend a ScottishPower Come and Try Athletics session on the afternoon of the match and a capacity crowd seems assured as soon as tickets go on sale.