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There are people who believe that an America’s Cup held in Ireland is a dream worth pursuing.
And there are those who are just dead against it.
But there are also those who believe that if Ireland needs to host an international sailing event, it should be one with more appeal and less cost, like SailGP – the world’s fastest sailing league.
It was launched in 2018 by former America’s Cup winners Larry Ellison and Russell Coutts to create a commercially viable annual global racing series that sees national teams compete against each other in a number of competitions around the world.
SailGP teams pay around 5 million euros to compete, far less than the 100 million euros it takes to run an America’s Cup team.
At the moment, however, the dream of hosting the America’s Cup is under discussion, and it has been a while ago.
In 2003, the Dingle Bay sailing area was discussed in the Seanad as a possible venue for the competition for the oldest trophy in international sport.
Ireland’s bid, however, was beaten by Inland Switzerland that year, becoming the first European country to win the cup.
Fast forward to today and Ireland’s bid to host the 37th
Last Monday, Minister for Public Spending and Reforms Michael McGrath announced that Sports Secretary Catherine Martin would not be leaving until after April 17.
However, that date was later postponed, raising Ireland’s hopes again.
The potential economic boost from the cup is considerable: some scenarios assume 400 to 500 million euros, although the costs are estimated at 180 to 190 million euros.
Apparently, in the worst case scenario, Ireland could lose money on its investment, much like some Olympic host cities or countries that have made large investments in hosting World Cups.
If it did, Ireland wouldn’t be the first America’s Cup host to either lose money or be in debt.
A few days before the September 17th announcement, Valencia had withdrawn.
The southeastern Spanish port city has been a hot contender as it has previously hosted twice.
In June, shortly after the Valencia yacht club Real Club Náutico de Valencia announced its bid to host the trophy, the city’s mayor, Joan Ribo, was less enthusiastic.
And the reason for its coolness? The amount of outstanding debt from hosting the competition in 2007.
“We have to pay six million euros this year and six next year,” he told reporters.
“It started in 2007, we are in 2021 and we are still paying debts.
The cost-benefit analysis for hosting the last cup competition in Auckland is not much reading either.
The country’s official “post-event†report on the 36th America’s Cup (AC36) points to losses of more than 90 million euros.
Some of the money spent was used for work regardless of what was planned but was brought forward in order to be ready in time for AC36.
The event, which was the most-watched America’s Cup of all time, drew 38,745 visitors to Auckland and they spent a total of 377,765 nights in the region. It had a worldwide audience of 68.2 million viewers in 198 countries.
The fact that New Zealand was locked at the time, while one factor in its losses, is not the only one.
The report states: “The macroeconomic return on AC36 was much lower than forecast.
“This was due to the fewer than expected number of challengers and the subsequent impact of Covid-19, as well as costs that were higher than forecast.”
Despite the organizers’ determination to have it hosted elsewhere, New Zealand is still in the running to host the competition.
The country’s Prime Minister Jacinda Ardern recently said her government was still in negotiations with the organizers.
But she has also made it clear that her government is only prepared to negotiate in this respect.
“We did our best, but there are also limits to what we can do,†said Ms. Ardern in June.
Sailing Ireland CEO Harry Hermon has no doubt about the benefits of having an America’s Cup hosted here.
“It wouldn’t be just for sailing,” he said. “I think all water sports would have a big kickback from the America’s Cup if they came to Ireland to showcase nature and showcase the water as such.”
A contractual dispute arose between the race organizers and New Zealand due to problems that emerged during an audit.
While the allegations of financial inappropriateness turned out to be false, consultant Beattie Varley was still rapping the organizers for failing to keep a “simultaneous and documented record” that allowed for objective review.
“It has met with increased criticism as the cost is heavily funded by taxpayers,” she added.
Minister Michael McGrath was appointed by the if he had read the report.
Although he said he had not seen it himself, he said that “as part of the due diligence we are looking at the New Zealand experience” and that all elements are “considered in the round”.
One of the factors likely to be considered is the € 60.5 million economic boost the country achieved by hosting the Volvo Ocean Race Final in 2012.
However, it should be remembered that the event left organizers Let’s Do It Global Ltd with around € 400,000 in debt.
And when they gave up the chance to host again, they said it was a “consequence of current debt and government agencies’ lack of interest in investing in new applications.”
It remains to be seen whether America’s Cup supporters can keep the momentum and save it from ruin, as it did in 2003, but the final say goes to former Senator Joe O’Toole, whose idea of ​​hosting the America’s Cup is in Kerry grew up in the Oireachtas in 2003.
He doesn’t think Ireland can afford to host an America’s Cup right now and that this may not be the time to seriously apply.
“Ireland is good at that sort of thing, no question about it,” he said.
“We are in the right location, we have the amenities and the capacities and we are interested in them.
“It will be good for the Irish brand, that’s really my goal.
“I think we should throw our hats in the ring.
“(But) I don’t think we can afford it right now, maybe it’s not the time to go thoroughbred.”
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