IRELAND HAS WITHDRAWN its bid to host the 2024 America’s Cup.
The decision, confirmed on Monday night by government, means Cork will lose out on hosting the world’s highest-profile yacht race, with the competition instead expected to head for Barcelona in two years’ time.
Ministers Catherine Martin and Jack Chambers withdrew Ireland’s bid to host the 37th edition of the competition after consultation with party leaders and relevant cabinet colleagues, and having spent “the last six months assessing the feasibility of Ireland hosting the event”.
Their statement noted that “while Cork Harbour is potentially a great venue for the event, based on the technical assessment carried out the necessary infrastructural and planning arrangements would not be in place to host the event in 2024. An event of the calibre of the America’s Cup brings with it an expectation of excellent delivery; the tight timeframe available prior to the 37th edition of the Cup brought with it a large risk of under-delivery.
“The ministers recognise that hosting such an event would have brought positives for tourism in Cork and the wider region and are committed to providing strong support to the tourism sector to rebuild as quickly as possible. However, it is also recognised that a very considerable amount of expenditure would have been required to deliver the event at a time of major and growing demands on the Exchequer and this had to be taken into account in arriving at a decision.”
Cork TD and Minister for Foreign Affairs Simon Coveney was outspoken in his advocacy for the bid last summer, describing it as the third most significant sporting event in the world behind only the Olympics and the football World Cup. However, ministers and senior officials were concerned that the event would cost the taxpayer hundreds of millions for an uncertain return.
A report for the Government by consultants EY projected €150 million in costs versus potential economic gains of €400-500 million, but few in government were convinced that these gains would indeed become reality.
There were also concerns shared about a massive investment of taxpayer’s money in elite sport at a time when so many sports in this country are struggling for funding at grassroots level.
This week on the Front Row – The42’s new rugby podcast in partnership with Guinness – panellist Eimear Considine makes a welcome return… and she’s brought her Ireland roommate, Hannah O’Connor, along too. They chat about broken noses, tanning routines, initiation songs and balancing the Women’s Six Nations with teaching, plus how one fan named her child after Ireland winger Beibhinn Parsons! Click here to subscribe or listen below:
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