Hosting the America’s Cup would match public spending, Coveney says
Any Irish proposal to host the America’s Cup will be in line with government policy on public spending, Secretary of State Simon Coveney said when it emerged that € 200 million in investment could be required to secure the prestigious sailing event that will take place in the Host is valued at billions of dollars worth of nation.
Mr Coveney said Ireland did not participate in an “auction” to secure the America’s Cup, which was most recently hosted by New Zealand, but instead put together a team of experts, including Ernst & Young, to gain a cost analysis of the host of the event in the port of Cork.
“EY is in the process of finalizing a cost-benefit analysis of the financial value of a global sporting event of this magnitude to the country that many would say ranks third in relation to the Olympics and the World Cup as the host of a global sporting event, ”he said.
“I can assure you that any proposals submitted to the government for decision are in line with the Code of Public Spending and fully thought out based on cost-benefit analysis and legal negotiation with the sports management team making the decision will.”
Earlier this week, the Irish Times reported that government officials have found that if Ireland wins a competition to host the event, the state will be charged more than € 200 million to host the America’s Cup yacht race in Cork Harbor.
“The host country basically bears the costs for the implementation of the event. The case must be very strong, robust and withstand independent scrutiny, ”a government source familiar with the project told the Irish Times.
Cork Harbor was shortlisted alongside Jeddah in Saudi Arabia and another location to host the 2024 race, but a cabinet decision on the final bid will depend on the total cost. The coalition is said to be open-minded.
Although Mr Coveney has campaigned for the America’s Cup project, the question of whether the state will take a heavy financial burden to host the event is raised by the government given the pressure the Covid-19 pandemic is putting on public finances , carefully checked.
The evaluation of the offers is carried out by Origin Sports, a London-based sports consultancy, whose managing director Stewart Hosford is originally from Cork and who knows Mr. Coveney personally. ” he said.
Meanwhile, Mr Coveney said that while he did not want to set exact schedules, the question of whether Ireland would host the competition was moving fast as the government was keen to make its final decision so that organizers can find the new venue by . could announce 17.09.
“This is far from over … but let me tell you, but if we manage to host the Americas Cup in Cork in 2024, it will be a global sporting event that Cork has never seen before in terms of the media.” Interest and the number who travel here from abroad to participate and watch.
“Don’t forget, the last time the America’s Cup was held at a European venue, 2.5 million people came to see it and it was worth over 2 billion euros to the Spanish economy, making it one of the largest and most impressive natural harbors in the world World.
“Cork Harbor is a natural resource that allows us to credibly bid for an event of this magnitude so it’s very exciting and it’s less about the sport itself than about the event and the investment and momentum that can be built . “The economy of Cork and Munster.”