Today (Monday 07 February 2011) the sponsors of the Cork Clipper Project, Fáilte Ireland, Cork City Council & Cork County Council launched the report on the Economic and Media evaluation of Cork's participation in the Race and the hosting of the festivals in Kinsale and Cork in July 2010.

An economic impact analysis was carried out by three MBS students from University College Cork (Ger Swayne, Lorcan Daly & Stephen Hicks) which reported an economic impact of €5.6m with accommodation and food and beverage accounting for 65% of the figure. The students worked according to the standard Failte Ireland festival report methodology which includes qualitative and quantitative research.

At today's launch Deputy Mayor Of County Cork Cllr John O Sullivan stated 'the festival gave a great boost to the Kinsale area early in the summer season and it also ensured that works were carried out in the town prior to the event that benefitted both locals and visitors. In particular the refurbishment of the Old Mill as an exhibition venue was a huge new resource for the town.'

The media report was carried out by IFM Sports Marketing Surveys and was commissioned by Clipper Ventures who run the Clipper Round the World Yacht Race. Global media coverage for the whole race is estimated at over $100m and Cork's share of this is very substantial at $26.5m. These figures are boosted by a Discovery Channel global deal that has been agreed with the TV series producers and Clipper Ventures. An Irish broadcaster for the series will be announced in the coming weeks.

Commenting on today's results, Fiona Buckley, Head of Operations,  Fáilte Ireland stated 'from a tourism perspective the media coverage that Kinsale, Cork and the region received through the Clipper project will ensure that Cork is top of mind as a tourism destination in the coming years. In addition the economic report found that 98% of the overseas visitors would return to Cork as a result of the Clipper festival and 97% would recommend Cork to their friends.'

The festival in Kinsale was helped by the arrival of the fleet of 10 Clipper yachts six days ahead of schedule and the fantastic weather during that period.  When the yachts moved to the new Port of Cork Marina on 07 July the weather changed dramatically and this had an impact on the attendance figures in the city.

'When the fleet arrived in Cork city there was a crowd of over 10,000 people to welcome the fleet to the new Cork City Marina which was installed to welcome the Race but is also a lasting legacy to marine tourism in the region. We would like to thank the Port of Cork for investing in this new permanent infrastructure with the support of Cork City Council.

This new Marina will play host to other marine events over the coming years.' Stated Lord Mayor Cllr Michael O Connell Clipper Race Chairman, Sir Robin Knox-Johnston, said, "Cork and Kinsale were fantastic hosts, providing marvellous entertainment during
the race festivals in both locations and I am pleased to see that they reaped the rewards. The welcome visitors received will ensure a lasting tourism legacy for years to come. "

The return on investment for the project is estimated at over 300% which is above average for hosting a sporting event of this calibre.