Volvo Race funding talks at ‘delicate’ stage

Date Published: 17-Mar-2011

BY CIARAN TIERNEY

Negotiations are said to be at a crucial stage to land the estimated €11 million in sponsorship required from overseas investors to ensure that the grand finale of the Volvo Ocean Race will be a success for Galway in July of next year.

With the race set to begin in Alicante, Spain, at the end of October the Irish organisers of the world’s biggest sailing event are confident that the finishing leg will attract another huge attendance to the city centre and Salthill following the success of the Galway stopover two years ago.

Competitors will sail from Lorient to the city in the shortest leg of the event, ensuring what should be an exciting finish in Galway Bay on the first weekend in July.

So far, six teams have been confirmed for the event and Irish organisers are in negotiations with a number of potential sponsors overseas. Three years ago, Chinese sponsors contributed €8 million to Let’s Do It Galway and the Green Dragon boat was a joint Irish-Chinese entry. Part of the stipulation for Galway to host the 2009 stopover was that Ireland had to have a team in the race.

“We are at a delicate stage in negotiations in relation to a number of issues and plans are on track for a much bigger event this time around,” said John Killeen of Let’s Do It Global. “ We will be building on the last one and it will be a massive event.”

Up to 50,000 corporate guests are expected to come to Galway for the end of the gruelling event, with 600,000 individual visitors to the Race Village set to match the corresponding figure for the 2009 stopover. The event could raise up to €80m for the local economy.

“There will definitely be more corporate visitors because Galway will be the host city for the finale and the awards ceremony,” said Mr Killeen. “Already, bookings are coming in every week. We are expecting more visitors than the last time and people will know what to expect this time because we have hosted the race here before.”

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