SBD Global/September 25, 2013/Olympics

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  • Publication Estimates Cost Of Madrid's 2020 Olympics Bid, To Be Made Public Soon

    The full budget for the Madrid 2020 Olympics bid "is due to be made public soon," according to Bruno García Gallo of EL PAÍS. Estimates from official accounts and reports, as well as explanations from members of the bid team, have been compiled to estimate "the direct costs of the capital's third failed attempt to secure an Olympic Games." Madrid Mayor Ana Botella said, "Madrid 2020 has been very austere and cheaper than the previous bids." But "by how much?" Botella's predecessor, current Justice Minister Alberto Ruiz-Gallardón, "never revealed the cost of the bid for Madrid 2012," which lost out to London in the '05 contest. But according to Spanish Olympic Committee President Alejandro Blanco, it was "even more expensive" than Madrid 2016. City Hall "disclosed the budget for the second attempt:" €37.8M ($51.8M), which was "spent on promotion, traveling expenses, salaries and other costs." In Dec. '11, Botella replaced Gallardón in the mayor's office. Shortly beforehand, "the first down payment for Madrid 2020 was made:" €600,000 to "get the bid underway." The municipal budget for the bid in 2012 was €7M, with €3.6M from sponsors in cash and services. This year, City Hall designated €3.9M ($5.3M) to the candidacy, with €10M ($13.5M) from private sponsors. During his eight years in office ('03-'11), Gallardón authorized €9.8B of investment to "alter the face and soul of the capital -- 80 percent of which is still owed to the banks." Between them, "City Hall and the regional government stumped up" €5.99B for "infrastructure improvements linked to the three bids," plus an additional €504M for sports installations (EL PAÍS, 9/23).

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