IRELAND HAS BEEN shortlisted as a possible host nation of the world’s largest sailing event in 2024, the 37th America’s Cup.

Minister for Foreign Affairs Simon Coveney is to tell Cabinet this morning that Ireland’s bid has progressed to the final stage of judging, with Cork proposed as the host venue.

Coveney accompanied a team of specialists on a visit to Cork Harbour in June to assess everything from a site for a team village, local facilities and attractions as well as the essential racing elements like wind speed, tides and the racing circuit.

A final decision is due in the next two months, with Britain’s Isle of Wight, Spain’s Valencia and Dubai also tipped as potential hosts in 2024 although no formal announcements have been made.

The sailing competition has been held in New Zealand on the last three occasions but America’s Cup organisers announced last month that they had failed to reach a deal with the New Zealand government to host the next regatta in Auckland and would look at alternative venues abroad.

Team New Zealand (TNZ) successfully defended yachting’s most prestigious trophy in March, defeating Italy’s Luna Rossa 7-3 in waters of New Zealand’s largest city. Despite its Kiwi roots, TNZ is a private syndicate with no obligation to stage the next regatta in its home nation in 2024.

New Zealand estimates that between €355 million to €592 million will have been injected directly into its economy as a result of hosting this year’s America’s Cup.

- Additional reporting from AFP