Rose organisers to launch funding plan

A MAJOR drive to raise €250,000 is to be launched by the Rose of Tralee Festival in January.

Invitations are to be issued to individuals and organisations to invest in the festival in a private placing under a Business Expansion Scheme (BES).

“We are seeking €250,000 to invest in regional development of the Rose of Tralee contest initially in Ireland and Britain, followed by North America and Australia,” festival managing director Anthony O’Gara said.

A minimum investment of €2,000 is expected and he said he anticipated a full and early take-up.

The festival was on the brink of collapse early this year, burdened by a €900,000 debt. However, after creditors accepted 30% of what was owed them and a group of private investors put up €300,000, a scaled-down event went ahead in August.

Mr O’Gara said the outlook for 2005 was positive.

“Discussions with major sponsors are ongoing and the response from sponsors to 2004 [festival] is positive,” Mr O’Gara said.

“Our strategy to connect the global Irish community through our development plan for the next five years will see a significant increase in the number of Rose of Tralee centres, all firmly rooted in Irish communities around the world.”

He said the growth in audience share for the RTÉ TV broadcast of the Rose selection confirmed public interest in the festival.

He added they would give details of the new structure of the Irish Rose of Tralee contest in the coming weeks.

Total expenditure on the 2004 festival was €723,000, a €300,000 reduction on the previous year.

Money generated amounted to €646,000, including €300,000 in commercial sponsorship.

“To secure such significant sponsorship in what was a difficult year is proof of the intrinsic value of the Rose of Tralee as a commercial operation,” Mr O’Gara said.

“The reduction in loss to some €77,000 reflects excellent progress in turning the business around. The investors have made up the shortfall and we’re confident the loss will be eliminated in 2005.”

The cost of street entertainment at the 2004 festival was €205,000. Next year’s festival will run from August 20-23.