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SALT LAKE 2002: ATTENTION TURNS TO FINANCING, TV DEALS
Published June 19, 1995
"A lot has to happen financially ... to pull off the nearly $800 million 2002 Winter Games," writes John Keahey in Sunday's SALT LAKE TRIBUNE. UT taxpayers have already invested $59M for venues. But funds to be raised primarily through the sale of sponsorships and TV revenues will ensure that taxpayers are "paid back" for all that went into the bid and to create an operating fund so that "no additional tax dollars, beyond what cities decide to spend on their own, will be used." The Salt Lake Bid Committee signed an Atlanta-style joint marketing agreement with the USOC in May which was approved by the IOC last week. The deal requires the two to "jointly sell sponsorships," and requires 70% of the first $391M raised to go to Salt Lake City, with the rest to the USOC. Additional money will be spilt 50-50. The marketing period for the Salt Lake Games will begin after the '98 Nagano Games at which time it is expected Salt Lake City "will negotiate a similar deal with the IOC." However, USOC Interim Exec Dir John Krimsky hopes to start marketing efforts earlier. Krimsky: "Tom [Welch] and I are hopeful that both Nagano and the IOC will permit marketing of the 2002 Games much earlier" (SALT LAKE TRIBUNE, 6/18). Christopher Clarey of the N.Y. Times notes Salt Lake will try to "capitalize" on the marketing momentum created by the '96 Atlanta Games, and, according to Welch, some sponsors are "already lined up" (N.Y. TIMES, 6/18). John Powers of the BOSTON GLOBE reports the USOC hopes to "reap" $100M from having the 2002 Games in the U.S. (BOSTON GLOBE, 6/18). In Atlanta, Melissa Turner writes that through 2002, Salt Lake City stands to make $1.4B, including $108M in state and local sales-tax revenue (ATLANTA CONSTITUTION, 6/17). WHAT ABOUT TV? In Salt Lake, Mike Carter reports that NBC Sports President Dick Ebersol said that the rights for Salt Lake "will certainly be on the order" of the $375M that CBS paid for Nagano. The Salt Lake Bid Committee has budgeted $313M for the rights which will be awarded 18 months to two years from now. That figure is nearly 40% of Salt Lake's overall $798M budget. Carter also notes the fact that the Winter Games are going to be "on American soil" for the first time in 22 years, which should excite sponsors. Ebersol: "There is always more interest by the McDonald's, the Cokes and the Budweisers when things are happening at home" (AP/SALT LAKE TRIBUNE, 6/17). EVERYONE HAPPY AT HOME? In Salt Lake, Jim Woolf writes that Olympic boosters have "defused" much of the concern from environmentalists by promising to stay out of Big and Little Cottonwood canyons east of Salt Lake City. But Wasatch environmentalist Ann Wechsler said fears that this promise would be broken led her group to oppose the Olympics (SALT LAKE TRIBUNE, 6/18). UT Sierra Club head Rudy Lukez: "We're not excited about it. But now that it's coming, it's time to figure out how to make the best of it" (SALT LAKE TRIBUNE, 6/17). ABC's Bill Redeker reported Friday from Park City, UT, (just outside of Salt Lake) where many residents are not enthusiastic ("World News Tonight," 6/16).