America's Cup bid won't be brought to Cabinet until next week

Cork looks increasingly likely to win its bid to host the yacht race but the Department of Sport has to carry out due diligence first

Michael McGrath said: 'An extensive process of due diligence is underway. And as you will expect, where a significant amount of public money is involved, it is critically important that we have our due diligence completed.' Picture: Gareth Chaney/Collins

Ireland’s bid to host the next America’s Cup in 2024 will not be brought to Government until next week, according to Micheal McGrath.

The Public Expenditure and Reform Minister said that while he accepts there is a “level of urgency” around the bid due to deadlines set by the event organisers, it is important the Department of Sport carries out due diligence.

He said the Government doesn’t want “any surprises later”.

Valencia withdraws, and Jeddah has limited support

Valencia in Spain, which was shortlisted along with Cork and Jeddah in Saudia Arabia, recently withdrew its bid.

Sources in the US say the New York Yacht Club team is “very unlikely” to travel to the Middle East to compete.

While Cork looks increasingly likely to be successful in its bid to host the event, sources have also indicated the announcement of the winning bid may now be moved back beyond September 17.

The Government is under pressure from Cork’s business leaders to keep Ireland’s bid for the 2024 America’s Cup yacht race afloat.

Cork Chamber, vintners, and hoteliers have urged the Government to commit to spending an estimated €150m to stage the huge global sporting event in and around Cork Harbour.

McGrath: 'Due diligence process underway'

Mr McGrath said: “An extensive process of due diligence is underway. We know there is a particular timeline here that the event organisers are working to.

The Department of Sport is completing its work in relation to an economic appraisal, and the preparation of a cost benefit analysis. Once that work has been completed, it will then be brought to Government for a final decision.  

Asked when, he replied: “I don't expect that it will be this week, but I expect that the work will be completed shortly.

“We recognise there is a level of urgency here but it is important when a significant amount of public money is being proposed to be put on the table that we have our homework fully done, and that we have due diligence, and that we're very clear as to what both the costs are, and what the benefits are.”