Minister for Tourism and Sport Leo Varadkar had previously ruled out any Government assistance to cover the €400,000 in debts owed by Let's Do It Global to numerous suppliers.
Let's Do It Global was subsequently moved to declare that a decision on bidding to host a third stopover is "postponed" while it concentrated on settling with its creditors.
But now unconfirmed reports suggest that Government funding will be provided in January to cover €360,000 of the debt.
Galway West TD Brian Walsh told the Tribune he is "confident that the issue in relation to debts will be sorted out, and that the creditors - many of whom are small businesses - will be paid."
Though it is unclear when Galway will be prepared to tender for a third hosting of the round-the-world yacht race, organisers for Dun Laoghaire have recently announced their intention to bid for the 2016 race - and cash in on the success of the event in the City of the Tribes this year.