Chicago 2016 Faces Questions Over Filing IRS Extensions For '08

Chicago 2016 is "postponing the disclosure of detailed financial information, even as it is coming under increasing pressure to answer questions over how Chicago would pay for a Summer Games," according to Bergen & Heinzmann of the CHICAGO TRIBUNE. The private, not-for-profit organization "has requested its second three-month extension for its 2008 filing with the IRS, originally due May 15." The group "earlier asked for an extension until Aug. 15, and now it will have until Nov. 15 to file the so-called Form 990." Chicago 2016 Dir of Communications Mica Matsoff said the extension requests are "purely a work-flow issue." Bergen & Heinzmann note such filings "provide the public with a glimpse into the financial workings of tax-exempt organizations," and the delayed filing "troubles" Chicago Alderman Manny Flores. Flores: "I recognize that right now the 2016 committee is wrapping up its bid process, however it raises serious questions." Still, Flores said that he is "willing to give the bid team some leeway if it fully discloses its financial operations soon" (CHICAGO TRIBUNE, 7/29).

MAKING PROGRESS: LOCOG Chair Sebastian Coe said the London Olympic Stadium for the '12 Games should be "completed by 2011 and available for testing," and the aquatics center is "ahead of schedule as well." Coe noted seven of 11 tower blocks at the Olympic Village are "virtually completed," and the "foundations are in place on the other four." Coe added, "Work is also significantly underway on the broadcast and the media center." Coe said the legacy of the Olympic Stadium "will be essentially track and field but not uniquely track and field." Coe: "At this moment, we have a legacy plan to reduce the size of that stadium, from an 85,000-seat stadium down to 25,000 seats." Meanwhile, Coe said LOCOG's decision "to bring business partners on early was one of the most crucial decisions." Coe: "When you're looking at an over-budget of roughly [US$3.3B] ... we've roughly got [US$2B] of that and I am absolutely delighted that we are over halfway there" (Lynn Zinser, N.Y. TIMES, 7/29).