Rose of Tralee rescue complete as debts settled

THE cash-starved Rose of Tralee Festival is ready to make a fresh start and its future is now secure, the organisers said last night.

Creditors were owed a total of €900,000 and 98% of them have either written off the debt, or accepted a 30% settlement, said management consultant and chairman of the festival rescue group Anthony O’Gara.

“A new company is being set up to run the festival and future events will be run on a more business-like basis,” he added.

The festival had already stated that it had received commitments of around €200,000 from sponsors, but a further €300,000 is still needed and businesses and Tralee people are also being asked to purchase shares.

Mr O’Gara said there was tremendous support locally, nationally and internationally and thanked festival members, creditors and supporters for their “overwhelming endorsement” of the process to put the event back on track.

Funds have been pledged on the basis that creditors accept the settlement proposals and the festival company agrees to a fundamental restructuring.

This process was agreed at a meeting on Monday night by the festival members.

Among the creditors are Tralee Town Council, street entertainment groups, garages, florists, float builders, newspapers and at least one radio station.

Car dealer Dermot Healy, from Killarney, was owed €8,000 for a new Suzuki, which was raffled in a festival draw, and he said it was a case of accepting the 30%, or getting nothing.

The festival, which has been suffering from falling attendances in recent years, still attracts huge television audiences and the two-night Rose of Tralee selection programme is seen by 1.8 million viewers every August.

First held in 1959, the festival is now believed to be worth more than €20 million.