“EY are in the middle of finalising a cost benefit analysis at the moment in terms of the financial value to the country of a global sporting event of this scale which many would say is third only to the Olympics and the football World Cup in terms of a hosting a global sporting event,” he said.
“ I can assure any proposals brought to government for decision will be consistent with the public spending code and will be fully thought through on the back of a cost benefit analysis and legal negotiation with the sports management team who are making the choice.” Earlier this week, The Irish Times reported that the government officials have found that the State would face a bill of more than €200 million to run the America’s Cup yacht race in Cork Harbour if Ireland wins a competition to host the event.
“The host country is essentially liable to cover the cost of hosting the event. The case needs to be very strong and robust and has to stand up to independent scrutiny,” a Government source familiar with the project told The Irish Times.and one another location, to host the 2024 race but a Cabinet decision on whether to proceed with a final bid will depend on the overall cost of doing so. The Coalition is said to have an open mind.
Although Mr Coveney has championed the America’s Cup project, the question of the State assuming a heavy financial burden to host the event is under close scrutiny in the Government, given the pressures dealing with the Covid-19 pandemic are putting on the public finances.
Sure he's a RCYC Boi
*Estimated to be worth billions to the host country*. Billions Really
Oh once again something for cork so michael can act like a hero, shame he doesn't realise his name will be forever remembered as the shill who kept people on lockdown while forcing them to take vaccines, build a wall around cork asap
How about redress for people who’s homes are falling down, that’s public spending I can support but America’s Cup ABSOLUTELY NOT
This is his Toy
No, this is not how I want my taxes spent . Build social housing!!