An up-front fee of around €9m will be levied if Ireland is successful in its bid to host the America's Cup
The money will be payable by whichever country wins the right to host the yacht race to the organisers, America's Cup Events Ltd (ACE), on the day the successful bid is announced.
Cork North-Central TD Mick Barry said the Government needs to clarify what the event will cost the Irish State, and how the funds will be paid. He called on Minister for Foreign Affairs Simon Coveney, who has spearheaded Ireland's campaign to secure the event at government level, to spell out exactly what are the costs involved.
"He seems keen to spend a lot of taxpayers' money on this elite sporting event that was a loss-maker for Auckland," Mr Barry said.
Cork is tipped to be the main host venue for the 2024 America's Cup, held this year in Auckland, New Zealand, and is running neck-and-neck with the Spanish city of Valencia, which has hosted the contest before, and already has dedicated infrastructure in place.
Simon Coveney, who has spearheaded the Cork bid, told reporters recently he is hopeful the announcement of the successful host on September 17 will be good news for Ireland.
There are two tranches of funding required by the America's Cup — the infrastructure costs to prepare for the event, and the organisers' fee.