THE 1998 World Equestrian Games seem set to rise phoenix like from the ashes of their recent demise following the emergence of an un-named potential commercial supporter offering capital believed to bed in the region of £2 million.
The £10.9 million project had collapsed earlier this month following the announcement at the end of March by Minister for Tourism and Trade Enda Kenny that no Government funding would be available.
The Government had provided, the organising company, World Equestrian Games Ireland Ltd, with operational costs of £500,000 during 1994 and 1995. A decision at Cabinet level to cap funding was implemented by the Minister and, with outstanding debts of £200,000, WEG Ireland ceased trading.
But, at a meeting of WEG directors in Dublin yesterday, a resolution to put the company into liquidation was rejected following the announcement of potential commercial support from an international company said to have Irish connections. In a subsequent meeting, the company's creditors were informed of this latest in a series of rescue bids and agreed not to take action in pursuit of settlement of their debts for a further two weeks.
"This is by far the most concrete thing we've had to base things on since the trouble started," company chairman Conor Crowley said yesterday. "Personally I'm very optimistic. The Minister himself and the Department are aware that this is in the pipeline and certainly have not dismissed it. The Minister is expecting us to come back to him this week."
WEG Ireland chief executive John Donlon met with Department Secretary Margaret Hayes last week to discuss the situation and the Department was informed of the decision at yesterday's meeting not to liquidate the company. The Minister was in Galway yesterday and unavailable for comment.
The World Equestrian Games, which are held in a four year cycle between Olympics, were first staged in Stockholm six years ago and again in the Hague in 1994. They are run under the auspices of the International Equestrian Federation (FEI), which awarded Ireland the right to host the 1998 Games back in 1994, subject to Government support for the project.
No official termination of the contract for Ireland to stage the 1998 Games has been sent to the FEI, although the deadline for a rescue bid to save the beleaguered project expired at the beginning of this month. Following that, a meeting was held with representatives from Britain and Germany, underbidders in 1994 when the Games' were awarded to Ireland, but no move has yet been made to site the Games elsewhere.
Dr Ho Helander, secretary general of the FEI, is to meet with WEG representatives in Dublin today. "Ireland is the best venue there is for the Games", Dr Helander said yesterday. "They seem to be really trying and they would, in reality, have until the end of next week when there is a meeting of the FEI
executive board, to see if they can put forward a creditable proposal."
Ireland's original plan for the six discipline Games involved staging the show jumping, dressage and vaulting in the RDS and the three day event, carriage driving and endurance riding at Punchestown.
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