Thursday 26 April 2018

Dermot Desmond, Denis O'Brien and Anne Heraty join forces for tall ship

CPL founder Anne Herarty
CPL founder Anne Herarty
Sarah McCabe

Sarah McCabe

A group of wealthy business people are behind plans to build a new Irish tall ship.

CPL founder Anne Heraty, Galway solicitor Brian Lynch, businessman Dermot Desmond and Denis O'Brien, a shareholder in the company that owns this newspaper, are among a group who gave seed funding for early work on a new Irish tall ship which will teach young people to sail.

An all-island charity - the Atlantic Youth Trust - was set up to administer the project. The vessel will cost €16m to build, funded by State and philanthropic donations. Ireland has had no tall ship for training purposes since the Asgard II sank in 2008.

Many of the same group financed the Green Dragon, the 70ft yacht which competed in the Volvo Ocean Race and helped bring the event to Galway. It was recently sold.

"We had this very influential group of people after the round-the-world race who wanted to do more. They provided expertise and seed funding for an international study into how this could be done. The aim is to get 1,000 young people from the North and South on the ship every year" said Enda O'Coineen of the Atlantic Youth Trust.

Sunday Indo Business

Business Newsletter

Read the leading stories from the world of Business.

Also in Business