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Volvo Race Owes €690,000

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    #32
    wonder88
    Registered Users Posts: 144 ✭✭wonder88


    All these "economic reports" giving the economic benefits of certain events are a load of nonsense. I remember that the Limerick Chamber of Comerce or a similar organisation asked (and paid) Jim Power to do up a report on the economic potential of Limerick City in order to get money from central government (this was during the last days of the celtic tiger) and of course the report concluded that Limerick had excellent economic potential if only the government spend more money there. Colm McCarty who wants to end all government subsidies and other waste as he sees it, also did a report for the Coolmore Stud organisation. To the surprise of many, Colm the free-marketeer economist suggested that the excemption of stallion fees from tax should stay in place. This means that other other companies and firms should subsidise this activity. McCarty was of course paid a fee from Coolmore, but as he stated himself this had no influence at all on his conclusions.


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    #33
    ilovesleep
    Closed Accounts Posts: 3,619 ✭✭✭ilovesleep


    It's probably looking unlikely that the volvo race will return to Galway next time around with that debt, which is such a pity because it was a brillant week for Galway when it came about. It lifted Galway and the spirits of many people and we all need something to look forward to. I'm still crossing my fingers that something will be pulled off here and it comes back to Galway.

    Details of the next race are due to be announced in early december. Has anything been announced yet?


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    #34
    kippy
    Registered Users Posts: 18,585 ✭✭✭✭kippy


    ilovesleep wrote: »
    It's probably looking unlikely that the volvo race will return to Galway next time around with that debt, which is such a pity because it was a brillant week for Galway when it came about. It lifted Galway and the spirits of many people and we all need something to look forward to. I'm still crossing my fingers that something will be pulled off here and it comes back to Galway.

    Details of the next race are due to be announced in early december. Has anything been announced yet?

    Apparently Dun Laoghaire have made or are about to bit for a leg.


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    #35
    JohnCleary
    Registered Users Posts: 10,210 ✭✭✭✭JohnCleary


    kippy wrote: »
    Apparently Dun Laoghaire have made or are about to bit for a leg.

    Even if somewhere else in Ireland wins a stop-over, I don't think the atmosphere will be anything like Galway was. I cannot think of any other ports/docks bang in the middle of the city centre.


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    #36
    snubbleste
    Banned (with Prison Access) Posts: 31,117 ✭✭✭✭snubbleste


    JohnCleary wrote: »
    Even if somewhere else in Ireland wins a stop-over, I don't think the atmosphere will be anything like Galway was. I cannot think of any other ports/docks bang in the middle of the city centre.
    You don't need a port for yachts. Just a suitable berthing space and facilities.


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    #37
    JohnCleary
    Registered Users Posts: 10,210 ✭✭✭✭JohnCleary


    snubbleste wrote: »
    You don't need a port for yachts. Just a suitable berthing space and facilities.

    My point was in response to the above person stating that Dun Laoighre may have put in a bid. If they put in a bid, presumably it would be at Dun Laoighre which is not city centre

    Apart from Cork and Dublin CC (Liffey), where else would they easily be moored so close to a city centre? I heard in passing that if there was to be a Cork bid, it'd be Crosshaven as there's infrastructure already there... again miles out of the city centre

    You are not just going to build a facility to host the few yachts when there is a marina close-by. And you're certainly not going to put in extra pontoons for the visitor boats, which add to the atmosphere (the craic down the Docks during the 2 Volvo's was un-real... I hardly left the pontoon!)


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    #38
    Gambas
    Registered Users Posts: 846 ✭✭✭Gambas


    The Journal report wrote:
    it also provided Galway city with an audience of over one billion.

    Absolute nonsense.


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    #39
    [Deleted User]
    Posts: 17,378 ✭✭✭✭ [Deleted User]


    Still think the whole event would be worth the bailout.. And I'm sure the money they lost was spent locally so it didn't exactly disappear.


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    #40
    wonder88
    Registered Users Posts: 144 ✭✭wonder88


    Most of the money that was loaned (given) out by Anglo-Irish, AIB, Bank of Ireland was spent locally in Ireland, yet it does seem to have disappeared as it is so difficult to get these loans back.


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    #41
    kippy
    Registered Users Posts: 18,585 ✭✭✭✭kippy


    JohnCleary wrote: »
    My point was in response to the above person stating that Dun Laoighre may have put in a bid. If they put in a bid, presumably it would be at Dun Laoighre which is not city centre

    Apart from Cork and Dublin CC (Liffey), where else would they easily be moored so close to a city centre? I heard in passing that if there was to be a Cork bid, it'd be Crosshaven as there's infrastructure already there... again miles out of the city centre

    You are not just going to build a facility to host the few yachts when there is a marina close-by. And you're certainly not going to put in extra pontoons for the visitor boats, which add to the atmosphere (the craic down the Docks during the 2 Volvo's was un-real... I hardly left the pontoon!)
    I'd agree to an extent.
    But isn't Dun Laoighre a built up area with bars/restaurants/hotels etc which is within an asses roar of a major city with more of the same?

    I am sure it could work and work well. There's not much chance of another Galway bid anytime soon by the looks of it but keeping a leg in Ireland would be a good thing.


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    #42
    intellectual dosser
    Registered Users Posts: 1,833 ✭✭✭intellectual dosser


    Off topic but something (perhaps the topic of the thread) about the picture of John Killeen reminds me of Frank Pentangeli in the Godfather II !!


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    #43
    galwayrush
    Registered Users Posts: 12,815 ✭✭✭✭galwayrush


    Deleted User wrote: »
    Still think the whole event would be worth the bailout.. And I'm sure the money they lost was spent locally so it didn't exactly disappear.

    What they lost is a fraction of what went to the revenue on VAT alone on what was spent at the event.


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    #44
    ted2767
    Registered Users Posts: 477 ✭✭ted2767


    Why was there not a levy placed on the pubs/hotels etc?
    They were the ultimate beneficaries of all of this, how much did they contribute too the cost of staging this.
    Even a €0.10 levy on all drinks for the week would have gone a long way to meeting the costs.
    Ultimately however the blame lies with the organisers.


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    #45
    wonder88
    Registered Users Posts: 144 ✭✭wonder88


    The organisers got a big grant from Board Fáilte as well for this hooley, poor effort from them that they could not have covered the costs of the event. Does anyone know how much Fáilte, Dept of Arts, Council etc gave ?


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    #46
    Robbo
    Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 10,563 Mod ✭✭✭✭Robbo


    More of it, this time it's the Stunning who were short changed.


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    #47
    Gambas
    Registered Users Posts: 846 ✭✭✭Gambas


    galwayrush wrote: »
    What they lost is a fraction of what went to the revenue on VAT alone on what was spent at the event.

    That VAT came out of our pockets. There were very few additional international visitors despite all the hype.


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    #48
    Storm 10
    Registered Users Posts: 5,925 ✭✭✭Storm 10


    I feel very sorry for John Killeen, it would appear that there were a lot of very incompetent people working on the event, surely someone in charge of finance should have seen this coming and called a halt before it went spiralling out of control, if it meant cancelling shows it should have been done at least the bill would not be as big as it is now

    The one bad thing about this is that it will be very hard for anyone to organise a big event in Galway again as people will be very wary of getting involved.


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    #49
    Lissavane
    Registered Users Posts: 542 ✭✭✭Lissavane


    What need you, being come to sense,
    But fumble in a greasy till
    And add the halfpence to the pence
    And prayer to shivering prayer, until
    You have dried the marrow from the bone?
    For men were born to pray and save:
    Romantic Ireland's dead and gone,
    It's with O'Leary in the grave.

    From September 1913 by WB Yeats.

    Still apposite.


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    #50
    fergiesfolly
    Registered Users Posts: 3,385 ✭✭✭fergiesfolly


    Storm 10 wrote: »
    I feel very sorry for John Killeen, it would appear that there were a lot of very incompetent people working on the event, surely someone in charge of finance should have seen this coming and called a halt before it went spiralling out of control, if it meant cancelling shows it should have been done at least the bill would not be as big as it is now

    The one bad thing about this is that it will be very hard for anyone to organise a big event in Galway again as people will be very wary of getting involved.

    What was John Killeens involvement in the event? He's listed on the Tribune as Chief Executive of Lets Do it Global
    Is he not culpable at all?


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    #51
    galwayrush
    Registered Users Posts: 12,815 ✭✭✭✭galwayrush


    Gambas wrote: »
    That VAT came out of our pockets. There were very few additional international visitors despite all the hype.

    Yes, and went direct to the Government coffers.


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    #52
    Mrs OBumble
    Registered Users Posts: 25,966 ✭✭✭✭Mrs OBumble


    galwayrush wrote: »
    Yes, and went direct to the Government coffers.

    And back out again to pay teachers, nurses, etc.


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    #53
    JohnCleary
    Registered Users Posts: 10,210 ✭✭✭✭JohnCleary


    Mrs OBumble wrote: »
    And back out again to pay teachers, nurses, etc.

    That's how the system tends to work alright


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    #54
    nuac
    Registered Users Posts: 6,769 ✭✭✭nuac


    I don't know the details in this case, but from long experience in organising events to bring people into an area

    1. Everybody is for it

    2. Hard to get financial support or commitment beforehand

    3. Impossible to collect money to pay debts afterwards.

    4. If there is a local authority contribution, many businesses, even those directly gaining from the venture, will be reluctant to contribute further funds. They will claim they have already paid thru the rates


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    #55
    Robbo
    Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 10,563 Mod ✭✭✭✭Robbo


    fergiesfolly wrote: »
    What was John Killeens involvement in the event? He's listed on the Tribune as Chief Executive of Lets Do it Global
    Is he not culpable at all?
    He continually holds himself out as a director (or "Chief Executive" if we're to go all American on things) in the docile local press, but last time I looked at the CRO documents for LDIG (and related companies), he wasn't listed as a current director. Therefore, I'd imagine he sees himself as some kind of shadow director and really hasn't thought things through or sought proper advice.


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    #56
    emptybladder
    Registered Users Posts: 332 ✭✭emptybladder


    Robbo wrote: »
    He continually holds himself out as a director (or "Chief Executive" if we're to go all American on things) in the docile local press, but last time I looked at the CRO documents for LDIG (and related companies), he wasn't listed as a current director. Therefore, I'd imagine he sees himself as some kind of shadow director and really hasn't thought things through or sought proper advice.

    That's incorrect. The three directors of Let's Do It Global Ltd are John Killeen, Enda O'Coineen and Eamon Conneely.


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    #57
    wonder88
    Registered Users Posts: 144 ✭✭wonder88


    I suppose the 3 directors, will not put their hands in their pockets and pay the money to those who are due payment ? It is always easy to be generous with someone elses cash, that is why there must be strict control on what type of organisations get public funding. Same thing happens a lot in the art world as well.


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    #58
    Robbo
    Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 10,563 Mod ✭✭✭✭Robbo


    emptybladder wrote: »
    That's incorrect. The three directors of Let's Do It Global Ltd are John Killeen, Enda O'Coineen and Eamon Conneely.
    My fault, I'd been most recently looking at the returns for the related companies.


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    #59
    McTigs
    Registered Users Posts: 1,032 ✭✭✭McTigs


    Update:

    http://www.galwaynews.ie/29452-huge-sigh-relief-vor-set-get-bailout


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    #60
    Sponge Bob
    Banned (with Prison Access) Posts: 25,234 ✭✭✭✭Sponge Bob


    They are not entertaining the 'late invoicers' I see. Brian Walsh did well, fair play, in getting some money in to pay the genuine creditors.


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    #61
    Chicken1
    Registered Users Posts: 239 ✭✭Chicken1


    As much as I enjoyed the Volvo race I think its very wrong for the Government to bail out this event, its amazing how quick they can come up with money but fail to find it for more deserving cases like the carers, giving nurses 80% pay etc I could go on for hours, they made a huge mis-calculation in the costing of the event and I dont see why we the taxpayer should now pay to bail them out.

    Rant over :mad:


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