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BILLY PAYNE GIVES UPDATE ON GAMES TO USOC
Published November 11, 1994
ACOG President/CEO Billy Payne gave the U.S. Olympic Congress an update on the preparations of the '96 games. Payne: "We are precisely on the exact schedule that we first articulated some three years ago with respect to our construction plan." Payne told participants at the Congress in Nashville that nine sports facilities are being built at a cost of $450M. He said the new structures will be completed "months in advance" of the Olympics. In terms of raising $1.6B from the private sector for the games, Payne said the money has been coming in, "but at a slower rate than the committee had expected. However, he expects the budget to be met." Payne also said that ACOG "expects to have a modest surplus, which he prefers to call a contingency fund," of about $60M after the Olympics. The L.A. Games reported a surplus of $260M after their Games in '84. Payne expects the Games to be twice as large as the L.A. Games, with more than 200 countries and territories from around the world participating (Athelia Knight, WASHINGTON POST, 11/11).