Ocean Race creditors to get 25% of what’s owed

Creditors of the Volvo Ocean Race grand finale in Galway are to receive just one-quarter of the estimated €1 million they are owed, in a ‘secret’ deal brokered over the past 18 months.

The Galway City Tribune understands that around €250,000 has been raised for up to 200 creditors ‘left in the lurch’ by organising group Let’s Do It Galway (LDIG), and they will receive 25c in the euro on what they are owed.

However, one business person owed money warned that Galway City has been left with a “horrendously bad name” because of the debts debacle following the event here in July 2012.

A deal was brokered behind the scenes by former Galway Chamber President Declan Dooley – who stepped forward on a voluntary basis and has no responsibility whatsoever for LDIG’s debts – and it’s understood it will be completed in the coming weeks.

While a €360,000 Government ‘bailout’ for creditors had previously been touted, the Galway City Tribune understands that the €250,000 did not come directly from the State, and some of the funds were raised through private contributions on the condition of anonymity.

When contacted, Mr Dooley refused to comment on the nature of the deal or how the funds were raised, describing the matter as “strictly confidential”.

“An awful lot of hard work has been done by a lot of people over the past year-and-a-half to try and find a resolution and bring closure to the situation. It’s still a work in progress.

“The Ocean Race was a phenomenal event for Galway and should not have been allowed slip into the negative. For future events, the Government should set up a form of steering committee to manage, rather than it being left to volunteers,” said Mr Dooley.

For more on this story, see this week’s Galway City Tribune.