The America’s Cup would be “a sporting event on a scale Cork has never seen before” if the port is chosen as the next venue for the competition.
This is according to the Minister of Foreign Affairs Simon Coveney who said that Team New Zealand, behind the biggest sailing event in the world, wanted to announce the next venue for the event by September 17.
EY is finalizing a cost-benefit analysis for Cork to host the event “which many believe is the third after the Olympics and the FIFA World Cup,” Coveney said.
He continued: “The America’s Cup lasts almost three years in terms of development events and team presence etc. – it’s kind of like Formula 1.
“It’s a big, big sporting opportunity for Ireland. We are in a competitive process.
“All the proposals submitted to the government for decision will be consistent with the public expenditure code and will be fully thought out on the basis of a full cost-benefit analysis and, of course, legal negotiation also with the sports management team. in New Zealand. who participate in this choice.
“It’s not done yet, not by far. We are in the process of finalizing a lot of important work.
Minister Coveney said if Ireland and Cork succeed in hosting the 2024 Cup it would be hugely beneficial.
“The last time the America’s Cup was held in a European venue, 2.5 million spectators came to see it and brought in more than 2 billion euros to the Spanish economy.
“It’s a sport on a very large scale and we have one of the most impressive and largest natural harbors in the world, which has given us a natural resource to be able to credibly bid for an event of this magnitude.” , did he declare.
“It’s very exciting. It’s something less about the sport itself and more about the event and the investment and momentum that can be built around the economy of Cork and Munster (with) something of this magnitude coming here.
“We are well placed in this process but it is far from over.”