If Ireland is successful in its bid to host the America's Cup, an upfront fee of €9m is expected to be paid. Sources close to the bid say the money will be payable by whichever country wins the right to host the yacht race to the organisers, America's Cup Events Ltd (ACE), on the day the successful bid is announced. Simon Coveney, who has spearheaded the Cork bid, told reporters recently he is hopeful the announcement of the successful host on September 17 will be good news for Ireland. There are two tranches of funding required by the America's Cup — the infrastructure costs to prepare for the event, and the organisers' fee. No comment from the departmentIt is understood that Valencia has also been asked to agree to make a payment of NZ$15m — just under €9m — to the organisers.

Source: Irish Examiner September 06, 2021 19:18 UTC