Galway’s economy is set for a windfall of up to €80 million, after the city clinched the honour of being the finishing port and the closing ceremony location for the Volvo Ocean Race in 2012.

And the Let’s Do It Galway committee has pulled off yet another coup by securing a three-day round-Ireland race as the final leg.

Taoiseach Brian Cowen will officially announce the news tomorrow (Wednesday) lunchtime.

Well over 40,000 international visitors are expected to travel to Galway for the final leg, and will be among those contributing to the projected cash injection of €80m.

It’s understood that Let’s Do It Galway Chairman John Killeen and the committee were given unofficial notification last Friday that Galway had beaten off stiff competition from Amsterdam and Stockholm.

A fleet of up to 12 Volvo ‘Open 70’ class boats will arrive at Galway Docks in June 2012 on the penultimate leg from Lorient in France.

The final leg is expected to be a three-day race around Ireland, which will offer double points, before finishing in Galway Bay.

As well as playing host to a festival expected to last more than a fortnight, Galway City will also host the closing ceremony for the Ocean Race.

Already, the Government has pledged €4m towards the cost of hosting the stop, and the figure will have to be matched by private funding.

Now, local organisers will have to raise a total of €10m in private funding – €7m towards fielding the boat and team and €3m to prepare the Race Village at the Docks.

Ireland’s entry, the Green Dragon, is to be given a new keel and its sails will also be modified.

Other ports involved in the 2011-12 race are Alicante in Spain, Lisbon in Portugal, and Cape Town in South Africa.

Read more in today's Connacht Sentinel