Displaying items by tag: Bailout

23rd December 2012

'Bailout' Sanctioned for Galway VOR Stopover

#VOR - The Galway City Tribune reports that Taoiseach Enda Kenny has sanctioned a bailout for outstanding debts owed by the organisers of this summer's Volvo Ocean Race finale in Galway.

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.

Published in Ocean Race

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Competitions

The most significant events for the Half Ton Class has been the annual Half Ton Cup which was sailed under the IOR rules until 1993. More recently this has been replaced with the Half Ton Classics Cup. The venue of the event moved from continent to continent with over-representation on French or British ports. In later years the event is held biennially. Initially, it was proposed to hold events in Ireland, Britain and France by rotation. However, it was the Belgians who took the ball and ran with it. The Class is now managed from Belgium.