Decision to withdraw from America's Cup bid 'short-sighted'

The technical assessment found the necessary infrastructural and planning arrangements would not be in place by the time of the event in 2024

The State would have had to pay up to €55m for the right to host the race and on TV rights, but a cost-benefit analysis had shown the event could have been worth an estimated €500m to the economy. Picture: Fiona Goodall/Getty Images

The 37th America's Cup will not be coming to Cork in 2024 after the Government confirmed that Ireland had withdrawn its bid to host the prestigious yacht race.

The decision has been labeled disappointing and short-sighted by Cork Chamber.

The timing of the event would have offered a much-needed boost for the economy as businesses attempt to recover from Covid-related losses, said Paula Coogan, president of Cork Chamber.

"The gains associated with hosting the event had the potential to significantly outweigh the expenditure that would have been required to host it, and projects such as this require greater ambition and real engagement with local stakeholders," said Ms Coogan.

"Lessons must be learned from this, only time will tell whether there will be reputational damage when consideration is being given to Ireland for hosting future global bids."

In a statement issued on Monday evening, the Department of Tourism and Sport said while Cork harbour would be a "great venue" for the event, an assessment found the necessary infrastructural and planning arrangements would not be in place in time.

Ministers Catherine Martin and Jack Chambers said that after consultation with party leaders and relevant Cabinet colleagues, they have decided "not to proceed further in the bidding process" to host the race.

A technical team visited Cork City earlier in the year to assess a number of sites as part of the State’s due diligence process on the bid to host the 2024 yacht race.

The visit included stops at potential race and event locations, including the Tivoli docks which were pitched as the event’s technical and team base, and Kennedy Quay, which could have hosted the race village.

It involved a detailed assessment of transport options to and from each of the sites and an examination of the availability of power and other utilities at each location.

However, it was confirmed on Monday evening by the department that the plug had officially been pulled on the bid.

"An event of the calibre of the America’s Cup brings with it an expectation of excellent delivery; the tight timeframe available prior to the 37th edition of the Cup brought with it a large risk of under-delivery," the statement read.

The Government said it recognised the positives it would have brought to Cork in terms of tourism, but a "very considerable amount of expenditure" would have been required to deliver the event.

The State would have had to pay up to €55m for the right to host the race and on TV rights, but a cost-benefit analysis had shown the event could have been worth an estimated €500m to the economy.

“The Ministers would like to acknowledge the very positive engagement with Team New Zealand / Origin Sports since this assessment process commenced, and to extend their best wishes to Team New Zealand for the 37th edition of the America’s Cup,” the statement concluded.