USOC Denies Boston Has Weakest '24 Bid USOC Decides To Bid For '24 Games S.F. Optimistic '24 Bid Will Be Different Meeting Could Narrow '24 Games City Options IOC Passes Sweeping Reform IOC Approves Changes To Bid Process Boston '24 Group Reportedly Eyes Stadium Site U.S. Bids For '24 Games All Under $5B Details Begin Emerging On DC 2024's Bid Plans S.F. Begins Effort To Land '24 Games
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).