The Irish Examiner has reported that a new America’s Cup ‘set-up’ in Cork has been pitched to civil servants in a bid to keep the city’s hopes of hosting the 2024 yacht race afloat.
The new proposel is claimed to save the State an estimated €80m (£67m) in staging costs, but would still require significant State investment.
The new proposed race village is on Kennedy Quay, most of which is in public ownership, with the team base and technical area located at Tivoli Docks, which is also in public ownership.
Cost to prepare the site for the 2024 America’s Cup event is now estimated at about €50m (£41m), with a further €55m (£46m) for the right to host the event and spending on TV rights.
An earlier cost-benefit analysis for the government claimed the event could be worth upto an estimated €500m (£419m) to the Irish economy, attract up to 2.5 million visitors and create thousands of jobs.
When Ireland hosted the Volvo Ocean Race finale in 2012, the country claimed a €60.5m (£50m) economic boost, but the event left organisers Let’s Do It Global Ltd with debts of around €400,000 (£335,800).
In September the Department of Sport requested another six months to conduct due diligence on the bid.
In the latest AC37 Protocol, issued on 17 November, the Defender is scheduled to announce the Match Venue and approximate event dates on 31 March 2022.