The Government has told the organisers of the America's Cup sailing race that it needs another six months to carry out due diligence on the viability of hosting the event in Cork.

The has been no formal response to the request yet but the expectation is that it will be rejected.

This follows discussions among the Government party leaders last night.

The hosting of the event would require an upfront payment of €25 million.

Concerns were raised by the Department of Sport that the process to date was rushed and there was a lack of confidence around the estimated costs involved.

The net benefits were also described as "marginal".

Earlier this summer, it was revealed that Ireland had made it to a final list of potential locations to hold the America's Cup in 2024.

At the time, Cork-based Minister Simon Coveney said 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".

The most recent America's Cup was held last March, when Emirates Team New Zealand defended the cup in Auckland, beating the Italian challenger Luna Rossa Prada Pirelli by seven victories to three victories.