The future of the Rose of Tralee Festival was secured yesterday when "significant finances" were privately pledged to rescue the ailing festival from liquidation. Anne Lucey reports.
A statement from the festival said the money would allow the implementation of a restructuring and refinancing plan "which will protect existing creditors and the Rose of Tralee brand".
The festival had great potential once on a firm footing and "in a peculiar way the fact it has gone through tough times will be of benefit", said Mr Anthony O'Gara of Anthony O'Gara & Associates, the man spearheading the restructuring.
A former senior manager with Kerry Group and a consultant on strategic planning, Mr O'Gara said a new permanent centre would be one of the priorities.
Once finances to pay creditors were in place, other plans included expanding its international centres "and bringing the Irish diaspora aspect into it more".
The former Rose centres in Britain needed to be brought back in, he said.
Currently only one or two remain on board.
The selection of a Rose of Tralee would remain a core part of the festival, said Mr O'Gara. He has been carrying out research on the festival in recent months.
Alongside Mr O'Gara, a Tralee auctioneer, Mr Jim Finucane, who was involved in the rescue of the Jeanie Johnston replica famine ship, has been appointed to oversee the payment to creditors of 30 per cent of what they are owed and to co-ordinate fund-raising for the 2004 event.
A legal team has also been appointed.
Mr Finucane said he had had a positive response from Irish corporations in the past 24 hours. Later there would be an opportunity for Tralee businesses to become more involved.
There could not be a question of suspending the festival for a year, and Tralee could not afford to lose it, he said.
A new board and management team is to be appointed.
Ms Siobhán Hanley, the festival's chief executive, said there had been numerous calls of support from the international centres over the past 24 hours since a deadline of yesterday had been set before the festival faced liquidation.