The British Government has announced backing of £7.5 million (€9.4 million) of public funding to support a bid by Olympian Sir Ben Ainslie to win Sailing’s prestigious America’s Cup, and to base the bid in Portsmouth on the south coast of England.
The investment will be supported by an additional £1.4 million (€1.75 million) from Portsmouth City Council.
The key to the Government involvement is in job creation and the building of local economic value.
The headquarters will initially employ about 90 people, with many more potential jobs in the supply chain. It will become the focal point for the design, construction and development of the team’s boats and will also provide sports science and fitness facilities and a visitors’ centre.
An apprenticeship and training scheme will ensure the site is sustainable and there will be a drive to ensure the project acts as a catalyst to encourage participation in the sport of sailing, all areas of the marine industry and develop the talent of the future.
Boost
The project has the potential to bring significant economic and sporting benefits to the UK, particularly for Portsmouth and the wider Solent area. A recent report on Team New Zealand suggested that its base in Auckland created 1,000 jobs and brought an $88 million boost to the local economy.
Support for the project is at the highest level with Prime Minister David Cameron announcing the investment yesterday after a meeting with Ainslie at Downing Street. It has also secured personal investment from High Net Worth individuals including Sir Keith Mills and Sir Charles Dunstone.
“This is a project which will not only build on Portsmouth’s global reputation as a centre of marine and maritime excellence but will also deliver a real sporting and economic boost to the UK.”
“It is a great example of our long-term plan – creating jobs as well as opportunities for young people to develop their skills through apprenticeships.”
Heritage
“Portsmouth has a great maritime heritage and we felt it was a natural home for the team’s permanent base in the UK,” added four time Olympic medallist Ainslie.
“There is excellent access to the water for the team’s training and to host future America’s Cup events, with fantastic spectator viewpoints. We hope through our journey to bring the Cup home to Britain we will inspire more young people to get involved in the sport, along with supporting the growth of the marine sector in the Solent area to match the country’s Formula 1 innovation hub.”
Government support for the project was a key recommendation of a recent report by Rear Admiral Rob Stevens on boosting growth and jobs in the marine and maritime industries in Portsmouth and across the Solent.
The government funding package includes contributions from the Department for Business and Department for Communities and Local Government.
The team plan to complete construction work in Portsmouth by May 2015.
Ireland
Government funding of sport in Ireland is mainly done through the Irish Sports Council on the current expenditure side while Capital investment has been made to the tune of over €70 million in the past three years via grants at local level for improvement of facilities. The second tranche of winning bids under the 2014 scheme is due to be announced shortly.
Additional public funding has been made to Golf through Fáilte Ireland support of the Irish Open golf tournament and this example of a clear link between long term sustainable jobs is one that could set an example on projects that could be put to Government for targeted support in years to come.
