Ireland has made it to a final list of potential locations to hold the America's Cup sailing competition in 2024.

The America's Cup has taken place in New Zealand on the past three occasions, but is expected to be held elsewhere in 2024.

It is hoped a decision on where to hold the 2024 event will be made in the second half of September.

A confidential selection process has been under way since January. It's not known how many countries have made it onto that shortlist.

This morning the Minister for Foreign Affairs Simon Coveney told Cabinet colleagues that Ireland had been shortlisted to host the event.

"There were initially 34 other countries expressing an interest. It was then reduced to 12 or 14 and then reduced to a much smaller number," Minister Coveney explained after today's Cabinet meeting.

He said that the America's Cup is regarded as the third largest sporting event in the world, after the Olympics and the football World Cup.

"It's a little bit like Formula One, it's all about technology, designs, speed and of course media management," the Minister said.

The decision on where to hold the event will be made by Team New Zealand.

Minister Coveney said that while a process was still under way, that has to be respected, he said that Ireland can "host a fantastic 37th America's Cup, if we're given the opportunity to do it. And I think we're right in there with a chance to win".