Horse Sport Ireland (HSI) has announced it will not bid to host the World Equestrian Games (WEG) in 2014.

HSI had commissioned feasibility studies into holding the competition in Ireland and Alltech, the multinational biotechnology company sponsoring the 2010 WEG in Kentucky, had offered to sponsor the possible Irish competition too.

But HSI chairman, Joe Walsh, said the decision not to bid was due to the global economic downturn.

Earlier this year, the British Equestrian Federation announced it would not be bidding for WEG either as the UK had no suitable venue, despite the millions that will be spent on the 2010 London Olympics.