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Volvo Race Owes €690,000

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    #62
    kippy
    Registered Users Posts: 18,585 ✭✭✭✭kippy


    Chicken1 wrote: »
    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:

    Ultimately, if this event isn't bailed out, legitimate business all over the place will lose out.
    In an environment where business are going to the wall on a constant basis I'd rather the state cover the cost of this, saving some small business in the process.


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    #63
    chickencurry02
    Registered Users Posts: 99 ✭✭chickencurry02


    Im delighted the people that are owed money will now be paid. But we should never be allowed host the event again due to the mismanagement and someone should be made accountable for the losses. But as usual in this country no one will. The organisers behind Lets do it golobal are what ever its called are responsible for this. I wouldnt let them near even organising a 3 legged race in future. As stated in previous posts this money bailing them out could be used for the sick etc


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    #64
    joeKel73
    Closed Accounts Posts: 3,689 ✭✭✭joeKel73


    It seems now the government has not sanctioned a ‘bailout’ for the VOR;

    http://galwayindependent.com/stories/item/5388/2013-2/Government-rules-out-Volvo-funding
    The Department of Transport has said it is “not in a position” to provide a €300,000 dig-out to Volvo Ocean Race organisers Let’s Do It Global.
    In a statement this morning, a spokesperson for the Department slammed recent reports that emergency funding had been agreed for the debt-ridden organisation, saying that “no sanction” had been made for the money.
    The spokesperson confirmed that the Department did receive a request for funding shortly after this year’s festival but added that it was “not in a position to allocated additional resources” and Let’s Do It Global had been informed of this.

    “The Volvo Ocean Race has already received the single largest grant from Fáilte Ireland for an event in 2012, more than double the funding provided to all other major international events, such as the Tall Ships and Navy v Notre Dame combined,” said the spokesperson.
    “The funding was essential for the payment of the port fee to the international organisers of the race to allow the event to be hosted in Galway. The race finale and associated festival and events were managed separately by Let’s Do It Global which entered into contractual agreements with the race organisers and raised funding and sponsorship from a number of public and private sector sources.”


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