HOPES that Ireland will host the finale of the 2015 Volvo Ocean Race have been dashed after the cash-strapped organisers ruled out making a bid for the event.
The 2012 event was worth €60.5m to the local economy, but the voluntary group which organised it has been left with crippling debts of €600,000.
The deadline for Galway to submit a bid for the next race is December 7, but they would need to raise in the region of €11m to successfully stage the event. However, attempts to secure state backing for a further Galway bid have failed.
Organisers of the event, Let's Do It Galway, said that the lack of support from the Government made the situation "impossible".
John Kileen said he believed the Government was missing a great opportunity.
"If you see the economic return, there is the answer for you very clearly. It's not a 'give me' scenario, it's actually an investment. If we got that return everywhere we invested money I would be very happy as a taxpayer," he said.