#VOLVO OCEAN RACE - The organisers of the Volvo Ocean Race finale in Galway have hit out at media reports that the city will not put in a bid to host a stopover for a third time in 2014-2015.
According to the Galway Independent, Let's Do It Global have said the decision on making a bid has been "postponed" for the time being while the group concentrates on paying off its outstanding debts
As previously reported on Afloat.ie, €400,000 is owed to some 60 suppliers by Let's Do It Global, who themselves are owed in the region of €170,000 from various debtors.
Hopes that Minister for Tourism and Sport Leo Varadkar would step in to make up the shortfall were dashed last weaken when he ruled out any Government bailout, pointing to the substantial funding already provided via Fáilte Ireland.
A spokesperson for Let's Do It Global told the Galway Independent that cost-cutting measures were reviewed at a meeting with stakeholders on Monday, with the "outstanding success of the event and adverse weather" being highlighted as reasons behind the budget over-run.
The Galway Independent has more on the story HERE.
