CITY COUNCIL UNABLE TO UNDERWRITE BID FOR FUTURE VOLVO OCEAN RACE STOPOVER

Date Published: 14-Aug-2012

Galway City Council is not in a position to underwrite a bid to secure another Galway Volvo stopover.

The confirmation comes as "Let’s Do It Global" who led the two events to date, say an application by the group now appears "unlikely".

The group says the current not-for-profit funding structure is not right and that the system needs to change through initiatives such as government partnerships, and collaborations with local authorities.

However a spokesperson for Galway City Council says it wouldn’t be in a position to underwrite a bid this year.

It adds that it fully supports the event and it would be a shame to see it lost to the city.

Meanwhile the CEO of Galway Chamber of Commerce Michael Coyle says the government needs to acknowledge the huge economic benefit of the event and provide the necessary support to win a third successful bid for Galway.

He has called on on all relevant funding agencies to take a strategic look at the event and how it can be funded.