Sir, – Your article "Volvo Race finale firm writes off €1 million in debt" (July 27th), relating to the hosting of the Volvo Ocean Race in Galway and our Round the World Racing Team, is misleading. On its own, the formal returns and headlines do not give the full picture. In fairness, your actual report is factual and correct, relating just to the orderly closing of accounts and the write-off of liabilities.
For the record, our organising not-for-profit group, led totally on a voluntary basis, did not go bankrupt and leave people “hanging” – as has so often been the case in recent difficult times. Instead, at significant personal cost and time input by key stakeholders, everything was resolved and the organising companies were wound down.
The “slate” is now clear for Ireland to host such major events in the future. There were a lot of valuable lessons learned – in particular not to be “siloed” in tourism as we were, rather to engage support across the broad spectrum representing the beneficiaries of such events, with our focus areas on innovation, food, green and marine. In saying this, I do not criticise tourism agencies, which did an excellent job, within their remit.
The stakeholders, and core organising group, working on a totally unpaid basis, wrote off significant personal loans to the project, together with generous discounts from those owed. All outstanding creditor accounts (to our knowledge) were resolved, with everybody who was owed getting something. Our international reputation stands tall. It took our team over two years to achieve this. Those who were owed were mostly patient and understanding. It was the self-righteous, those who were owed nothing, who took exception.
Clearly, given the massive success of the event, shown by the independent economic impact studies and direct benefits to the economy of over €100 million, it was a major return for “Ireland Inc”. It is a strong business case for the future and a credit to the mighty achievement of all who got behind the project.
Now our Volvo Ocean Race and Team organising core group’s prime focus is on connecting young people with the ocean, through the Atlantic Youth Trust Tallship project. – Yours, etc,
ENDA O’COINEEN,
Former honorary chairman,
Let’s Do It Global, (Now dissolved),
Galway Ocean Sports Club,
Enterprise Park,
Docks, Galway.