#VOLVO OCEAN RACE - Cardiff in Wales is submitting a bid to host the 2017-2018 edition of Volvo Ocean Race, as yourCardiff reports.
The city's council has signed off on £3 million (€3.7 million) plans to host a stopover on the race route, bidding alongside a shortlist of 30 other cities ahead of an official decision by the race authorities in December.
Cardiff's bid is subject to confirmation of support from the Welsh government and the Cardiff Harbour Authority to cover the costs of the race village, entertainment and media facilities, and management of the race itself over a proposed two-week stopover.
It's estimated that the VOR could bring in millions to the city's economy and "expand Cardiff's reputation as an event city by hosting one of the most important sailing events in the world", according to a report submitted to the council.
The news comes days after organisers of this summer's Volvo Ocean Race finale in Galway postponed their decision on making a third bid to host the race, as previously reported on Afloat.ie.
Let's Do It Global said the move was to enable the group to concentrate on paying off its outstanding debts of €400,000 which it says were incurred in the wake of "adverse weather" and increased security costs due to the "outstanding success of the event".
