Let's Do It Galway, the organising body for the Galway stopover of the Volvo Ocean Race, has issued a statement in response to reports that suppliers to the event remain unpaid. The company says that the vast majority of suppliers have, at this stage, been paid, and that only 10% have yet to be fully paid. The company also said that reports that Tourism Ireland has not transferred the full €8 million pledged were inaccurate. Their statement in full over the fold.
"Galway Volvo Ocean Race Festival ran from 23 May to 06 June 2009. This event attracted 650,000 attendees and provided a strong return for the local economy.
Less than 90 days since the finish of the event, we are awaiting final payment from some funders and sponsors.
The vast majority of suppliers have been paid at this time and there remains a number of outstanding payments to suppliers amounting to 10% of the total cost of the project.
Let's Do It Galway continues to manage cashflow in order to pay suppliers. We are keeping suppliers appraised of the position and agreeing realistic payment schedules."
