Debts stop Galway making fresh a bid for ocean race
on 29/11/2012 00:00:00
However, it is believed a significant shortfall in organisers Let's Do It Global's accounts has left debts in the region of €400,000.
Let's Do It Galway said the "consequences of the present debt and lack of interest by government agencies in investing in any new application" meant that no application was being made on behalf of Galway or Ireland to host the race for a third time.
The 2011-12 Volvo Ocean Race lasted for nine months and covered 39,270 nautical miles. The boats circumnavigated the globe, visiting eight stopover ports before finishing in Galway.
Participants sailed four oceans and visited ports in five continents, making it the toughest sailing event in the world. It was the biggest sports event in Ireland this year and the third largest in Europe.
One of the authors of the report, Patrick Collins of NUI Galway's Whitaker Institute, said the race's economic impact was "exceptional".
"For nine days and nights, Galway City became the focal point of one of the most highly regarded international sporting events, supported by over 275 free events around the city. The magnitude of the event in terms of the relatively small economy of the Galway area was exceptional," he said.
The hospitality industries gained the most in terms of relative increase in revenue.
However, about one quarter of local firms found their business was negatively affected by the race as most of the economic benefit was located in the areas surrounding the event.