Cork has withdrawn its interest in hosting Team New Zealand's next America's Cup defence in 2024.
The Irish Government has confirmed it will not continue with its bid, after consulting with relevant cabinet members and party leaders, with a technical assessment of Cork harbour suggesting it could not be ready for the next regatta.
"An event of the calibre of the America's Cup brings with it an expectation of excellent delivery," says the Department of Tourism and Sport. "The tight timeframe available prior to the 37th edition of the Cup brought with it a large risk of under-delivery.
"The Ministers recognise that hosting such an event would have brought positives for tourism in Cork and the wider region, and are committed to providing strong support to the tourism sector to rebuild as quickly as possible.
"However, it is also recognised that a very considerable amount of expenditure would have been required to deliver the event at a time of major and growing demands on the Exchequer, and this had to be taken into account in arriving at a decision."
The decision pre-empts a possible announcement this week that Team NZ and the Royal NZ Yacht Squadron have selected Barcelona as their port of choice.
Spanish publication Cronica Global claims a "verbal pact" has been reached between Team New Zealand, the Catalan Government and Barcelona City Council, who will pay $70 million euros (NZ$110m) for hosting rights.
Barcelona has reportedly laready informed rival Spanish port Malaga that it has missed out on selection.
The only other port in contention now is Jeddah, Saudi Arabia.
