Decision to withdraw from America’s Cup bid ‘short-sighted’
The 37th America’s Cup will not be held in Cork in 2024 after the government confirmed Ireland had withdrawn its bid to host the prestigious yacht race.
The decision was called disappointing and short-sighted by Cork Chamber.
The timing of the event would have provided a much-needed boost to the economy as businesses try to recover from Covid-related losses, said Paula Coogan, chair of Cork Chamber.
“The gains associated with hosting the event had the potential to significantly exceed the expenses that would have been required to host it, and projects like this require greater ambition and genuine engagement with local stakeholders. “said Ms. Coogan.
“Lessons must be learned from this, only time will tell if there will be any reputational damage when Ireland is considered to host future global bids.”
In a statement on Monday evening, the Department for Tourism, Culture, Arts, Gaeltacht, Sport and Media said that while Cork Harbor would be an “ideal venue” for the event, an assessment has revealed that the necessary infrastructure and planning arrangements would not be in place in time.
Ministers Catherine Martin and Jack Chambers said that after consulting with party leaders and relevant Cabinet colleagues they have today decided ‘not to go any further in the bidding process’ to host the race.
A technical team traveled to Cork City earlier this year to assess a number of venues as part of the state’s due diligence process to host the 2024 yacht race.
The tour included stops at potential race and event locations, including Tivoli Quays which was featured as the event’s technical and team base, and Kennedy Quay, which could have hosted the village of the race.
This involved a detailed assessment of transportation options to and from each of the sites and a review of the availability of electricity and other utilities at each location.
However, it was confirmed this evening by the ministry that the cap has been officially withdrawn from the offer.
“With an event of the caliber of the America’s Cup comes an expectation of excellent delivery; the tight timeline available before the 37th edition of the Cup resulted in a significant risk of under-delivery,” the statement said.
The government said it recognized the benefits it would have brought to Cork in terms of tourism, but a “very considerable amount of expense” would have been involved in staging the event.
The state would have had to pay up to 55 million euros for the right to host the race and television rights, but a cost-benefit analysis showed that the event could have brought in around 500 million euros to the economy.
“Ministers wish to acknowledge the very positive engagement with Team New Zealand/Origin Sports since the start of this evaluation process, and extend their best wishes to Team New Zealand for the 37th America’s Cup,” concludes the press release.