Geelong’s Festival of Sails remains “not quite viable” without a major commercial sponsor, according to organisers.
Royal Geelong Yacht Club general manager Phil Clohesy said a three-year State Government and City of Greater Geelong funding agreement would keep the event afloat but it required more support.
“It’s still tight out there in the corporate market,” Mr Clohesy said.
The Independent reported in late 2011 that former naming rights sponsor, car manufacturer Audi, declined to support the event again in 2012.
Audi sponsored the event in 2011 after taking over from international finance company Skandia.
Mr Clohesy said this weekend’s festival had attracted more small and medium sponsors than last year but remained unsuccessful at securing a major sponsor.
He said a proposed Yarra St Pier reconstruction including more floating marina infrastructure would reduce festival costs and allow the event’s growth.
“We see that as a mission critical in terms of the ongoing development of the event. The cost of temporary infrastructure is one of our biggest Achilles’ heels.”
According to regional councils alliance group G21, Royal Geelong Yacht Club has committed $2.5 million and council $5 million to the Yarra St Pier plans but the project still needs a further $2.57 million from State Government.
Mr Clohesy said a lack of funding had forced festival organisers to cut costs but changes would be “not obvious to the public”.
“As an example we normally have a large marquee in the yacht club precinct, which we’ve done away with.”
Festival of Sails is Victoria’s oldest ongoing sport event, with organisers expected it to attract 100,000 people to Geelong’s waterfront over four days fom this Friday to Monday.
