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Calgary Olympic bid would need $2.4 billion in net funding

0 87 Government

by JOC News Service last update:Jun 26, 2017

CALGARY - On June 19 the Calgary Bid Exploration Committee (CBEC) made a presentation to Calgary City Council that announced a successful Olympic bid for the 2026 Winter Games would cost the city $2.4 billion.
Calgary Olympic bid would need $2.4 billion in net funding

The full cost of the Games is estimated at $4.6 billion, with $2.2 billion in projected revenue to offset the cost.

The CBEC's funding requirement is reduced by the ability to reuse and upgrade existing facilities built for the 1988 Winter Games. The CBEC estimated the International Olympic Committee will contribute $700 million to a prospective Winter Games and $820 million could be generated through domestic partnerships.

Ticket sales from both Olympic and Paralympic events are estimated to raise $320 million.

"I am confident when I say that the board and staff at CBEC have diligently reviewed all aspects of bidding and hosting a prospective 2026 Games, and the numbers we are sharing today accurately represent the current situation," CBEC chair Rick Hanson said in a statement.

"One of the things we identified from looking at some prior Olympic Games was the failure to account for post-Games operation and maintenance of facilities in their budgets. While this adds cost, our board felt it was a necessary addition to a prospective budget."

The CBEC will deliberate on its final recommendations before presenting to city council on July 24.

last update:Jun 26, 2017

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