A last-ditch appeal by the organisers of the Rose of Tralee has raised €200,000 and possibly saved the annual festival from extinction.
The future of the event had been in question due to the fact the parent company - with debts of around €900,000 - was in danger of liquidation.
Yesterday, the Minister for Arts, Sports and Tourism, Mr O'Donoghue, ruled out providing State funds to bail out the festival. He said there was no provision in his Department's budget to cover such a contingency. Last year the Government provided €150,000, which came out of Bord Fáilte funds.
The organisers this week launched an appeal to local business leaders for funding for the event.
Ms Siobháan Hanley, the event's chief executive, announced today that €200,000 had been raised. "There's still a lot of work to be done but liquidation has been averted," she said.
A business consultancy firm, Anthony O'Gara & Associates, has been drafted in to formulate a restructuring programme that will hopefully drag the company out of debt.
Now in its 46th year, the contest costs around €1 million to stage and attracts over 200,000 visitors. It generates an estimated €17.5 million in tourist revenue for Co Kerry annually.