It appears as if last summer’s Paris Olympics were a financial success.
The Paris 2024 Olympic and Paralympic Organizing Committee is set to present at its last Board meeting on June 17 that it will have an $86.86 million surplus, according to Le Monde.
It is significantly more than the projected $30.7 million surplus that was announced in December by Tony Estanguet, the head of the organizing committee.
“This is excellent news and we are very proud to share it with our board members in a few days,” Estanguet said to Le Monde. “This money is going to sport, and it is a hugely important legacy in a (budgetary) climate for sport that we know is challenging.”
The website reported that 80% of the profits must be given to French sporting groups.
The reason there is more of a surplus than expected is that major contracts with providers and suppliers, which weren’t all officially closed in December, are now closed with good results.
The swimming competition was led by the United States, which won 28 total medals and eight gold medals. Australia was next with 18 total medals and eight gold.
Paris appears to be a success story for the International Olympic Committee to flaunt, unlike past host cities.
Athens in 2004 and Rio de Janeiro in 2016 had massive financial losses and facilities that went abandoned when the Games left, the 2012 London and 2020 Tokyo Games essentially broke even, while every single Olympics since 1960 has gone over budget, according to Yahoo.
It has led to reform from the IOC regarding its host city selection process and more cities declining to even make a bid to host.
Brisbane was awarded the 2032 Games unopposed, marking the first time that happened since Los Angeles in 1984.
With those Games seven years away, there are already concerns about political infighting and major cost overruns.
Much like Paris, Los Angeles in 2028 is in a better position than most host cities due to the amount of existing facilities already in place.
Those cardboard beds saved a bunch!!! Two of us on those would bring the thing down, especially with a lot of bouncing action…
Billion or Million?
I’m not surprised that they have that much money. If they would have catered and provided for the athletes as they should have at such an important sports event, they wouldn’t have anywhere near that much money over. You noticed it in everything in the village and at the venue. Cutting costs and corners. Such a disappointment to go there for your first Olympics. Huge anticlimax coming there.
Million not Billion
Lol a cool $50 billion would be quite the miscalc!
But they didn’t have enough money for food or real beds for the athletes.
Yeah u will need to have a surplus when you have the athletes live like the homeless of Paris
Billion or million?