Last-minute talks bid to secure Volvo bailout

Date Published: 08-Nov-2012

BY ENDA CUNNINGHAM

‘Eleventh hour’ talks were ongoing this week to secure a bailout for the debts left behind by the organisers of the Volvo Ocean Race ‘grand finale’ in Galway.

The last-minute attempt to secure Government funding comes in the same week that an economic impact study found the race finale was worth €35.13 million to the local economy and attracted a “staggering” 742,000 visitors.

Let’s Do It Global (LDIG) are currently battling to secure around €300,000 in Government funding to pay off around €380,000 worth of debt to creditors.

The Galway City Tribune understands that at least one major creditor is considering petitioning the High Court to have a liquidator appointed to LDIG.

Meanwhile, an analysis of the Volvo Ocean Race’s economic impact on Galway found that the daily economic boost was down on the stopover in 2009.

Last summer, the event was worth €35.13 over nine days (€3.9m per day), while in 2009, it was worth €55.8 over 14 days just under €4m per day).

The study also found that 98% of foreign visitors for the Ocean Race said they would recommend Galway as a destination.

Fiona Monaghan, Head of Operations with Fáilte Ireland West said Galway is a “poster child” for the Volvo Ocean Race and had outperformed other European cities.

“It’s fantastic news and something Galway can be extremely proud of. Both the tourism community and the wider community did a great job in terms of putting the best foot forward for the duration of the event. That’s a phenomenal satisfaction rating of 98%,” she said.

There were were an estimated 742,000 visitors to the Race Village at the Docks and the Global Village at South Park – there are no estimates for the In-Port racing in Salthill. That figure is up from 14% from 650,000 over the 14 days of the stopover in 2009.

For more on this story, see the Galway City Tribune.