IOC 'has closed its obligations' as Rio 2016 wants debt bail-out
The International Olympic Committee already contributed a “record” $1.53 billion to the costs of last year’s Olympic Games in Rio de Janeiro, and “has closed all its obligations with the organising committee,” according to the IOC’s executive board.
The IOC, which was responding to a request from the organising committee of the games to help pay remaining debts estimated at between $35 million and $40 million, did not completely rule out providing further assistance, but said that “more detailed information” was needed and that it “deferred any further consideration at this stage.”
The statement came following a meeting with Carlos Nuzman, president of Rio 2016 (pictured), during the executive board’s meeting in Lausanne yesterday.
Nuzman’s plea came in the wake of the economic crisis that enveloped Brazil in the run-up to the games, seriously compromising the organisers’ ability to deliver the games they had promised. However, the IOC pointed out that organisers had already benefited from “an exceptional effort to significant cost savings and additional financial undertakings by all the Olympic stakeholders, which amounted to hundreds of millions of dollars.”
Analysis published by AP last month, based on city, state and federal data, claimed that the overall costs of the games totalled $13.1 billion, a mix of public and private money.