The Government has asked the organisers of the America's Cup sailing race for another six months to carry out a detailed cost-benfit analysis, on the viability of hosting the event in Cork in 2024.
The has been no formal response to the request yet but it's expected that it will be rejected which means Ireland will be out of contention to host the world event.
Eddie English from Sail Cork says if Ireland is ruled out of the running it would be a "terrible loss" for Cork.
Cork Harbour was due to host the event and if it is not held here now it will be a bitter blow to the tourism and hospitality sectors Leeside.
Speaking to RedFM News, Eddie English from Sail Cork said the race has the power to transform entire areas.
"These ports that have hosted major regattas such as the America's Cup, have risen phoenix-like almost to become very important places for boataing and for sailing, and for a tourism destination.
"I've mentioned Fremantle in Australia, and Valencia in Spain, and several other places.
"The competition has brought money in and made a huge difference."
