Toronto 2008 Bid CEO John Bitove presented a "practical
and realistic" C$22M budget to pursue the Games, according
to James Christie of the Toronto GLOBE & MAIL. The
expenditures are "almost" C$20M in addition to the C$2M
already spent. With a "little more than two years left for
fundraising," the Toronto Bid group has "about" C$3M on
hand. Analysts for the bid group have determined that a
"modest and minimal campaign" for the Games could also be
done for C$14.5M, but Bitove said, "We need to generate
about [C]$19.8-million to mount what we believe is the best
bid possible. I assume we'll raise it from the private
sector." Bitove did "not rule out partnership with
municipal, provincial or federal governments in the bid
phase" (Toronto GLOBE & MAIL, 8/13). Bitove said that
hosting the Games will cost C$2B, but that the event would
generate C$3B in revenue. Bitove said that "direct
benefits" that would remain after the games include almost
C$700M in athletic facilities, C$130M in sales taxes on
ticket sales, and almost C$90M in cash (TORONTO SUN, 8/13).
The financial report was prepared by Ernst & Young, but the
TORONTO SUN's Mike Rustey writes that "when it came to
details, the nuts and bolts about what venues would be
built, and where and how much it would cost the city,
[Bitove] was decidedly vague" (TORONTO SUN, 8/13).
