Cost-benefit analysis of Ireland's bid for America's Cup due this week

Foreign Affairs Minister Simon Coveney and Taoiseach Micheál Martin at the tricentenary maritime parade for Royal Cork Yacht Club. Picture: Darragh Kane

A cost-benefit analysis on securing the America's Cup for Ireland is to be completed this week, with Foreign Affairs Minister Simon Coveney "hopeful" the country will secure the global event in mid-September.

Mr Coveney, who has helped spearhead Ireland’s bid for the prestigious yachting contest, said the host venue for the 37th America’s Cup in 2024 will be picked by September 17.

New Zealand currently holds what is the oldest trophy in sport, which predates the modern Olympics by 45 years.

As the New Zealand government is unlikely to stage the next event there for a fourth time, an international competition was initiated about nine months ago, with Ireland, and in particular Cork, now one of a small number in the running for the event.

Mr Coveney said the event represents “value for money for the country, as well as a huge opportunity for profile, for tourism, for investments”.

Taoiseach Micheál Martin and Colin Morehead, admiral of Royal Cork Yacht Club wave to sailors taking part in the tricentenary maritime parade. Picture: Darragh Kane

“It’ll be assessed by the usual Government channels, in particular, the Department of Public Expenditure over the next two weeks or so.

“Hopefully, we will be in a position to announce an incredibly positive announcement for Ireland, and for sport here.

“This is one of the largest sporting events on the planet. Depending on how you calculate the numbers, it's third only to the Olympics and the Football World Cup in terms of economic impact for the host.

It’s a big deal. We've worked very hard to get Ireland into a position to be really competitive to compete for that and let's hope we can deliver it now.” 

Despite the optimism around the event coming here, the cost-benefit reports from the last competition point to losses of more than €90m, according to one of the latest post-event reports.

Mr Coveney said the Government was in the final stages of a competing process and it was “concluding a cost-benefit analysis” with consultants EY, due to be presented next week.

He added: “I will bring, along with the Minister for Sport, a recommendation to the Government in terms of how we approach the end of that [competitive] process, but we've worked hard on this for nine months."

Micheál Martin, Simon Coveney, Mayor of Cork County Cllr Gillian Coughlan and Colin Morehead, admiral of Royal Cork Yacht Club. Picture: Darragh Kane

Mr Coveney was speaking at the 300th anniversary celebrations of the Royal Cork Yacht Club 

Founded in 1720 by King Charles II’s great-grandson and five of his friends, it is the world’s oldest yacht club.

Taoiseach Micheál Martin joined the Royal Cork Yacht Club’s admiral Colin Morehead to salute 300 years of sailing in Cork at a tricentenary maritime parade across Cork Harbour.

They reviewed a parade of 100 yachts from onboard the LÉ Roisin, after greeting the sailors and families on the water.