The company operating the Rose of Tralee Festival has considerable debts and may face liquidation.
The Rose of Tralee is one of Ireland's longest-running festivals, having started in 1959. Taking place in the town of Tralee at the end of August, its finale is broadcast live on RTÉ Television over two nights.
Often derided as an outdated pageant, it attracts thousands of visitors to Kerry every year and is estimated to be worth €15 to €20 million to the economy.
Festival of Kerry Ltd., the company which operates the Rose of Tralee has mounting debts and has not traded since last November.
Attempts to put together a rescue package have failed, and now the company faces liquidation. Creditors are owed €900,000, but say they are prepared to settle for one-third of that amount. However the company has to date been unable to raise the necessary funds to pay off its debts.
Rose of Tralee Chief Executive Siobhan Hanley says that a decision will have to be made to liquidate the company, as
You can’t keep going on indefinitely.
Those involved in organising the festival remain hopeful that it can be rescued. Pledges of support have come in, but not the required amounts of cash. For now the future of the Rose of Tralee is looking increasingly bleak.
An RTÉ News report broadcast on 15 January 2004. The reporter is Paschal Sheehy.
