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SBD Global/January 16, 2014/Olympics
France Considering Launching Bid To Host 2024 Olympics If It Meets Required Conditions
Published January 16, 2014
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PRICE OF TORONTO BID STEEP: If the city of Toronto is "serious about making a bid" for the '24 Olympics, it needs to invest $912,000 "to do the necessary groundwork this year and should assume that none of the facilities under construction for the Pan Am Games are suitable for reuse," an Ernst & Young reported indicated, according to Elizabeth Church of the GLOBE & MAIL. The report stated that "'an immediate mobilization of resources' is needed if Toronto wants to bid" on the '24 Games. A formal bid would cost $45.6M-$54.7M, with the cost of of hosting at $3B-$6.3B (GLOBE & MAIL, 1/15). In Toronto, Betsy Powell wrote Toronto Mayor Rob Ford in '11 "rejected an overture for Toronto to participate in a bid" for the 2020 Games. Meanwhile, the report stated "time is of the essence" for Toronto in preparing a bid (TORONTO STAR, 1/15). Also in Toronto, Don Peat wrote Toronto's bid "might be a long shot with some councillors balking at the idea" of spending $1M to "keep studying the idea" and at least $50M to mount a bid. Ford said of launching a bid, "If you were to ask me right now, today, I'd say no." Toronto Economic Development Committee Chair Michael Thompson said that the city would be "hard-pressed to come up with the millions needed for further study and to mount a bid." Thompson: "There are a variety of other substantive things that are more impactful on people's everyday, day to day living" (TORONTO SUN, 1/14).