‘Lack of vision’ by Government could scuttle America’s Cup bid

Advocates of the America’s Cup bid say the prospect of scenes like the Sovereign’s Cup race off the Old Head of Kinsale in June — but on a global scale with lucrative spinoff benefits — are now in jeopardy as the Coalition says it needs six months to decide whether Ireland could host the event in 2024. Picture: David Branigan

The government has been accused of a “spectacular lack of ambition and vision” after it put Ireland’s bid to host the prestigious America’s Cup yacht race in doubt.

Just hours after being told that Cork was poised to be named the preferred venue for the 2024 event, the coalition said it needs another six months to analyse the estimated €150m costs associated with hosting the race which it’s estimated could be worth €500m to the economy.

Because race protocols must be announced by the end of November, race organisers, Emirates Team New Zealand (ETNZ), were on the brink last night of ruling the Irish bid out.

However, the Irish Examiner has learned that behind-the-scenes efforts were underway overnight in a bid to find a compromise.

It followed confirmation from Sports Minister Catherine Martin that given the scale of state investment required, proper due diligence had to be carried out.

Another senior minister said that while the bid had been championed by Foreign Affairs Minister Simon Coveney since January, the Cabinet had not been fully aware of where the process was at.

“It only came into my view in the summer - there was a feeling that it wouldn’t really be something that we would be in contention for,” the source said.

But Marcus Spillane, a New York-based vice president of World Sailing, the sport’s world governing body, and who is originally from Cork, criticised the government for a “spectacular lack of vision” for not agreeing to move to the next stage of the bidding process - an eight-week window for exclusive negotiations.

“Ireland is never going to host an Olympics or a FIFA World Cup," he said. 

"The America’s Cup is a global sporting event. We got right to the finish line and then we decided not to take the extra step. It demonstrates a lack of imagination and ambition.

“I understand the need to get value for money, but let’s be clear - you get an opportunity like this once every 15 to 20 years and when you do, you have to grasp the opportunity.” 

The writing was on the wall following a briefing by Department of Sport officials and other senior coalition figures on Tuesday night. 

Sources said it was clear afterwards that the political will to proceed to the next stage of the just wasn’t there.

Race organisers, who were watching political events unfold here closely, wrote to the Taoiseach and Mr Coveney on September 6 to inform them that a preferred bidder would be chosen by Tuesday, and wrote to them again this week offering assurances that Ireland was poised to be announced as the preferred venue.

It’s also understood that at no stage was Ireland asked or expected to cough up any advance payments - that these were issues to be thrashed out in the negotiation process.

Ireland is expected to be told today that a team of international regatta experts is on standby to provide any advice or guidance that the state may require.