Rose of Tralee Festival tries to strike deal with creditors

THE Rose of Tralee Festival is trying to negotiate a deal with creditors to secure the future of the cash-strapped pageant.

It is understood the festival is offering 30% of the estimated 1 million owed to creditors.

A festival spokesperson last night confirmed that contacts have been made with creditors, but refused to confirm what percentage of debts would be paid.

“Every effort is being made to protect the creditors and they are being offered settlement terms. This is part of a restructuring to secure the long-term future of the festival,” he said.

Earlier this week, festival president Con O’Connor and chief executive Siobhán Hanley denied reports that a liquidator had been appointed.

Mr O’Connor said they were determined to ensure the future of the event, which has been held every year since 1959. He said he was in no doubt that the festival would survive.

With 28 centres around the world , he said they were determined to put it on a sound base for the future.

Until 2001, the festival, which has been reckoned to be equal to the value of a 300-job factory, has relied solely on corporate sponsorships, private donations and voluntary work However, it has been allocated State funding of around 500,000 in the past two years. A grant of 150,000 made available by Fáilte Ireland, this year, has not yet been paid and will not be until Fáilte Ireland has received details on how the money was spent.

Such grants are not paid until after an event when the money has actually been spent.

Meanwhile, full details of the festival’s finances are expected to be made known at the committee’s AGM, next week.