The recent visit of a technical team to the city of Cork has increased the prospect of Cork bidding for the 37th America’s Cup.
According to the Irish Examiner, a technical team visited Cork to assess a number of sites as part of the state’s due diligence process on Ireland’s bid to host the 2024 race.
The latest iteration of the on-off-on proposel is for a race village on Kennedy Quay, with the team base and technical areas located at Tivoli Docks, both of which are in public ownership.
Race venue set-up costs are estimated to be at least €50m (£41m), plus an estimated €75m (£63m) to Emirates Team NZ for their team and event costs.
But a cost-benefit analysis has estimated the 12-18 month economic boost the local economy could be worth €500m (£419m).
Although, 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, and they now have until the end of March to come up with a viable proposal, and to then convince the America’s Cup’s assessment group they are the right city.
Just to up the ante, or muddy the waters, New Zealand media is reporting that Malaga has joined Barcelona and Jeddah as a venue alternative.
To date four teams are entered for AC37. Italy’s Luna Rossa is the fourth challenger, joining the Swiss syndicate Alinghi, Britain’s INEOS Britannia and defender Emirates Team NZ.
The American Magic team have indicated that they intended to enter once a suitable (for them) venue is named.