Powerboating event is scuttled after key sponsor cuts funding

AN international power-boating event due to take place in Waterford this summer has been cancelled because of budgetary problems.

The event brought hundreds of thousands of euro into the city last year, but key sponsors Bord Fáilte have slashed their 2003 contribution.

The state tourism agency was the largest single sponsor last year, donating €400,000, but organisers say they were unable to commit the same amount of money this year.

It’s been revealed that Bord Failte was only offering €31,000 in sponsorship this time around.

The weekend event would have cost around €800,000 to stage on Waterford’s quays, and its loss is seen as a big blow for the tourist industry in the southeast.

One of the organisers, Bill Freeman, said the Bord Fáilte sponsorship cut was regrettable, but that local businesses had also let them down.

However, he is hopeful the event will return next year.

“I wouldn’t say we have lost it. The event won’t go ahead this year, but we are hoping to get it back in 2004. It’s not gone by any means,” he said.

Last year’s championships ran in late September, and it was proposed that this year it would take place in June.

A Bord Fáilte spokesman confirmed that an application for funding was received from the F1 Powerboating group, which is organising the event.

“A letter of offer of €31,000 went out to the organisers on Wednesday. It was vetted by the Sports Tourism Advisory Group as normal, and went through the normal channels.”

Bord Fáilte would not comment further on the matter, but said it has not yet received official confirmation from the organisers that the event has been cancelled. The Sports Tourism Advisory Group’s budget has been cut for this year, down to €5.43 million from €7.62 million.

To qualify for sponsorship, such events have to meet certain criteria. They must be considered a major international attraction, bringing huge numbers of spectators and gaining international media coverage. They should also be of benefit to the region.

It is believed that last year's event did not attract as much international coverage as had been hoped.