'Opportunity not to be missed': Cork Chamber calls on Government to not let America's Cup bid slip

CORK Chamber has called on the Government to fully support the possibility of the Amerca's Cup being hosted in Cork and said it is an opportunity "not to be missed".

Chamber President Paula Cogan said: “Now is the time to focus the gaze of the world on our region and the America’s Cup offers the perfect vehicle for doing so. 

"As we move beyond the pandemic, we have an opportunity to send a strong signal to the world, and the 900m viewers of this event that Ireland has successfully navigated the pandemic and is open for business.” 

"The economic value derived from hosting the America’s Cup is well documented with successive venues, extolling multiple figures, covering everything from the value of the short-term spend of both teams and tourists, to the marketing value of being host. 

"For example, looking to Valencia in 2007, €615m was spent directly by agents directly involved in the sport, visitors spent €76m, there was 2.5milion spectator visits, and €28million in advertising equivalent value.

"The EY analysis, adds some further precision to what these figures could mean for hosting the event in Cork. There is an estimated €500m economic return and benefit to Ireland with €50m in investment required to run the event and €100m investment in long-term legacy infrastructure.

Ms Cogan added: “We have a positive cost-benefit analysis, a strong bid proposal with multiple supportive stakeholders, and a fighting chance to host. 

"The timing is perfect to show the world a welcoming region of outstanding natural beauty and economic potential. Government support must be full, forthcoming and any hesitance will need to be explained. It is a unique opportunity that cannot be missed.”