Ireland will know in just eight weeks if it will host the America’s Cup.
Foreign Affairs Minister Simon Coveney said Ireland is well placed in the running to stage the event but warned while it will bring money into the country, it won’t be cheap to host.
Last month, thereported that Cork was bidding for the rights to host the prestigious yacht race, which could be worth more than €1bn to Cork, and the surrounding economy.
“We are part of a process and we are at the end of the process,” Mr Coveney said, speaking to reporters at Bishopstown Lawn Tennis Club, Cork.
He was there to launch the Bishopstown Lawn Tennis Club and Down Syndrome Cork “Team Up For Tennis” programme to provide tennis coaching for children with Down syndrome on Saturday mornings.
“If Team New Zealand chooses to take the America's Cup out of New Zealand, well then, Ireland, and Cork, is very much contesting now to be a potential venue for the 2024 America's Cup.
“The advantage of an event of this scale and this is one of the largest sporting events on the planet.
“I mean, after the Olympics and the Football World Cup in terms of economic activity, the America's Cup is next.
“The last America's Cup that was held, and finished in March in Auckland, had 941m people watching it on television.
“So, you know this is a big global sporting event.”
He is unable to say how much hosting the event could cost, and says the numbers are currently being worked out but he warned, it won’t come cheap.
“It costs a lot to host it,” he said.
“Believe me, there is an enormous amount of work going on now to put a credible cost-benefit analysis in place because for us to succeed in this will involve a commitment of a very significant amount of money, and we need to make sure that this makes sense economically for Ireland which I believe it does having seen the numbers and the figures.
The last time the America's Cup was staged in Europe, it was held in Valencia in Spain, with 2.5m people travelling to watch it.
“So you can imagine the economic activity that that would generate across Munster, across Ireland, across Cork," Mr Coveney said.
“And that is what we're after here.
“We think we can host an iconic event in an iconic harbour that has enormous history and that I think could generate global interest in Ireland in Cork, and in one of the top sporting events on the planet, which is the America's Cup.
“But nothing is certain.
“All I can say is we have a very credible bid that we've been working on for six months.
“We have managed to be part of a small group of venues that are now still under consideration and final decisions will be made on this in the next six to eight weeks and I think Ireland is placed in a very good place.”