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"BULLETPROOF": ACOG RELEASES FINAL BUDGET FOR ATLANTA
Published October 12, 1995
In describing their new $1.7B budget as essentially "bulletproof," ACOG officials expressed "absolute confidence" they now have "secured or identified" enough money to stage the Games as promised, according to the ATLANTA CONSTITUTION. ACOG President Billy Payne: "We can say today that we can successfully stage the Games which meet the quality we have promised to the world and which will meet our own very high expectations." The $1.7B budget represents an increase of $125M over the previous forecast produced 20 months ago. ACOG officials say 86% of the income is committed and the remainder is "a sure bet" (Melissa Turner, ATLANTA CONSTITUTION, 10/12). NUMBERS GAME: The WALL STREET JOURNAL notes, while ACOG has raised $1.38B, the remaining $227M that must be raised must come in at a pace of $1.2M per day, and some IOC members are worried about the ACOG's "heavy reliance" on private sources, as opposed to "deep-pocketed" state and federal governments. The IOC's Dick Pound went as far as to say "chances are slim" that future Games will be awarded without a "public safety net" (WALL STREET JOURNAL, 10/12). But, ACOG COO A.D. Frazier said a significant amount of the remaining 14% "is already in the pipeline," according to the N.Y. TIMES. Frazier said as much as $80M in ticket orders has been received, but not processed, and a number of other revenue- related contracts are yet to be signed. He also notes there will be significant revenue generated during the course of the Games through sales of Olympic merchandise and concessions (Jerry Schwartz, N.Y. TIMES, 10/12).