Debts stop Galway making fresh a bid for ocean race

Galway is not applying to host the Volvo Ocean Race for a third time in 2015, due to outstanding debts and a “lack of interest” by the Government in investing in a new application.

The news comes as a study by the JE Cairnes School of Business & Economics at NUI Galway revealed that the race, which finished in Galway this year, was worth €60.5m to the economy. More than 500,000 people attended events during the festival, from Jun 30 to Jul 8.

However, it is believed a significant shortfall in organisers Let’s Do It Global’s accounts has left debts in the region of €400,000.