Preparations For Tokyo Games Begin In Earnest Golf In Rio Draws Widespread Acclaim Lochte Likely To Face Punishment From USOC Rio Controversy Could Follow Bentz, Conger NBC Called Out For Buying Lochte's Story Media Buyers OK With NBC Ratings Shortfall Team USA Dominates Rio Medal Standings Bach Has No Regrets About Rio Tokyo Offers Glimpse Of Its Plans For Games Workforce, Facilities To Be Reduced For Paralympics
OLYMPICS' CASH CUSHION SHRINKING
Published February 21, 1995
An audit by Price Waterhouse for the Metropolitan Atlanta Olympic Games Authority says that the $1.58B cost of the '96 Games will be covered by ACOG's fund raising, but the firm forecasts only a $32M cash cushion beyond that, down from a $60M estimate in January '94. The margin would still be within an "acceptable range" of 5% of the committee's uncommitted revenue, or 2% of the total budget. Robbie Pound of Price Waterhouse says the "next five months are critical" for ACOG. ACOG COO A.D. Frazier disputed the audit, saying that Price Waterhouse found a smaller cushion "because it is less confident than he is about some revenue projections." Frazier says around 60% of ACOG's forecasted revenues have been committed (Melissa Turner, ATLANTA CONSTITUTION, 2/21). Frazier said upcoming announcements regarding sponsorships "should brighten the financial forecast" (Lyle Harris, ATLANTA CONSTITUTION, 2/20). NATIONAL PROFILE: According to Dave Griesing in this week's BUSINESS WEEK, ACOG must "move swiftly" with signing up remaining sponsorships to keep their pledge that the Games would go on without public funding. Many "would-be" global sponsors have "balked at the original $40M asking price for 10 major categories" -- as of now, no domestic auto company has signed on -- and ACOG President Billy Payne has had to sell "smaller bits of turf" in close to 50 different categories (BUSINESS WEEK, 2/27 issue).