Galway anticipates a €150 million boost for the city when it becomes the first Irish port to host the Volvo round the world ocean yacht race.
Known as "the Everest of sailing", the 31,350km race will make a 10-day stopover in Galway docks in June 2009 on the transatlantic leg from Boston.
Akin to a Ryder Cup or a motor grand prix, the city's successful nomination is being billed as a significant economic fillip for the Atlantic seaboard and the western region.
It is expected to attract up to half a million spectators and there are plans for "viewing stands" on Black Head and other points on Galway Bay.
The nomination hinged on Ireland's ability to enter the race itself, and Minister for Arts, Sport and Tourism John O'Donoghue has pledged €8 million towards the required total budget of €20 million.
The last and only time that Ireland entered the global event was with NCB Ireland, skippered by Joe English of Cork. Then known as the Whitbread, it was backed enthusiastically by former taoiseach Charles J Haughey.
Since then a number of Irish sailors have been selected for international entries; Justin Slattery was bowman on the winning ABN Amro Onein the 2005-06 race - which claimed the life of Dutchman Hans Horrevoets on ABN Amro Two.
The balance of the €20 million budget required to cover Ireland's host port and yacht entry costs will be raised from private sponsorship, according to John Killeen, Galway businessman and chair of Let's Do It Ireland Ltd.
"It's a magnificent achievement for all concerned since we initiated our bid last August," Mr Killeen said.
Capt Brian Sheridan, Galway harbourmaster, said that it would place the port on the international map, along with previous race hosts such as Cape Town and Rio de Janeiro. It would also focus minds once again on the city's 1,000-year- old maritime history, he said.
Capt Sheridan said the build- up could start as early as this winter, as the port had proposed that entrants use the west coast as preparatory training, before the start in Alicante, Spain, next year.
"An hour out from Galway Bay, just beyond the Aran islands, you have some of the roughest sea conditions in the world - ideal for these crews," Capt Sheridan said.
Another Galway businessman and yacht owner, Eamon Conneely, will be central to the Irish entry in a purpose-built Volvo Open 70 yacht. State agencies will be involved in the Irish support "tent" which will follow the race route - changed to take in ports in the Middle East, India and Asia. "This will give Ireland Inc a chance to sell itself in the New World," Mr Killeen noted.