Ireland withdraws from bidding process for America's Cup

Ireland has withdrawn from the bidding process to host the 37th America's Cup sailing competition in 2024.

In a statement, the Department of Tourism and Sport said it had spent the last six months assessing the feasibility of Ireland hosting the event.

"However, the Ministers have, following consultation with party leaders and colleagues across Government, accepted the recommendation from their officials not to proceed with a bid."

The Department said that while Cork harbour is "potentially a great venue for the event", based on the technical assessment carried out the "necessary infrastructural and planning arrangements would not be in place to host the event in 2024".

While the event would have brought in tourism to the Munster area, the statement added 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".

Last July, Ireland was shortlisted as a potential location to hold the America's Cup in 2024.

The America's Cup has taken place in New Zealand on the past three occasions, but is expected to be held elsewhere in 2024.