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The 37th America's Cup will not be coming to Cork in 2024 after the Government confirmed that Ireland had withdrawn its bid to host the prestigious yacht race.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