Decision on America’s Cup not expected until next week

A decision on the America’s Cup and whether or not it will be hosted in Cork in 2024 is not expected to be made public until next week.

The sailing event, which could be held in Cork Harbour if Ireland is selected to host it, could be worth over €400 million to the economy.

A cost benefit analysis examining the financial value to the country of hosting the 2024 global sporting event is being completed and an announcement is expected shortly.

That analysis which is being carried out by Ernst & Young is not expected to be completed this week.

There was speculation earlier that an announcement is due today however speaking to RedFM News Public Expenditure Minister Michael McGrath wouldn’t be drawn on an an exact date but said an announcement was imminent.

“We recognise that there is a level or urgency here, but it is important that 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 what the costs are and what the benefits are.

“That work is ongoing and I look forward to seeing that being concluded.

“The important thing from my point of view is that Government is given all the facts and all of the information to make an informed decision.”

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