| 17.2°C Dublin

Government's €200k to bailout Volvo Ocean race

Close

 Simon Coveney.

Simon Coveney.

Simon Coveney.

THE GOVERNMENT is set to intervene in an ongoing row between the Irish organisers of the Volvo Ocean Race and creditors – providing close to €200,000 to cover the outstanding debts.

Almost two years on from the event, a number of businesses have still not been paid for services provided during the Galway stopover of the Volvo Ocean Race 2012.

Finale organisers Let's Do It Global have been seeking government assistance to pay off some of the money owed.

They say they had been promised donations from various businesses but some of these pledges failed to materialise, leaving them unable to pay suppliers.

The initial shortfall had been around €400,000, but this is understood to have been reduced to close to €200,000.

Negotiations have now begun with Government agencies for a bailout to cover the outstanding monies with one source confirming a deal was now "imminent".

FUNDS

It is understood the additional funds will be made available by either the Department of Tourism or Department of Marine. Talks have now taken place with Marine Minister Simon Coveney and Department of Tourism officials.

One senior source close to the negotiations said they expected the money to be released within a short time frame.

"There is a commitment from Government to do this and it will do it," they said.

HNEWS@HERALD.IE


Privacy