IRELAND'S attempt to cash in on the London Olympics of 2012 has finally paid dividends... in the form of a team of 20 synchronised swimmers.

The US team – participants in a sport that is often the subject of ridicule – have decided to make the National Aquatic Centre their home for the pre-tournament preparations, the government has revealed.

The Department of Tourism, Culture and Sport has been desperately trying to attract Olympics-related business to Ireland but has so far had little success.

Minister Batt O'Keeffe was the latest high-profile politician to add to the efforts, visiting London in an attempt to drum up work and contracts for Irish businesses earlier this month.

However, his colleague, Mary Hanafin, has confirmed that the only concrete plan so far relates to the synchronised swimming team.

"One of the issues that the London 2012 coordinating group is looking at is Ireland's potential to attract international teams and athletes for training camps in the lead up to [the games]," said Hanafin's department.

"The American Olympic synchronised swimming squad has chosen the National Aquatic Centre as its pre-Olympic training base for the London Games. The squad of over 20 swimmers and team officials will be based in Dublin for three separate periods and will be joined in Ireland by family members and friends at various stages during their stays."

Ireland's plans to cash in on the Olympics have been hit by the economic crisis and stiff competition from the UK and other EU countries.

Cash grants of up to stg£25,000 have been made available to encourage teams to base in regional cities in Britain while some €110 million has been spent improving facilities in the north-west of France. Two French cities in the region, Boulogne and Calais, have even jokingly suggested they are in the south of England to try to tempt teams through the Channel tunnel.

The government's investment in the Olympics has not been enormous and primarily involved spending €114,000 on a consultant's report on potential benefits for Ireland.

The department is also involved in producing a CD that will contain details of Irish "elite sports facilities" that might be suitable for training.

"This CD will be promoted through the network of National Olympic and Paralympic Committees and the Irish Embassies abroad in the coming months," the department said.

A "high-level coordinating group" has also been organised, and it believes tourists can be attracted to Ireland before, during and after the games.

"Given our proximity to London and the many accessible routes to and from the UK, we can benefit from a sporting, tourism and culture perspective," a statement said.