The 2018 PyeongChang Olympics "may be in
limbo, with the government and Gangwon Province locking horns" over who
will cover the 11.1T won ($10B) cost for the quadrennial event,
"especially the cost of building the Olympic stadium," according to Nam Hyun-woo of the KOREA TIMES. The
Gangwon Provincial Council "recently threatened that if the government
does not provide sufficient financial support for the Olympics," it will
"readily give up the right to host the event." When
asked about its stance over this threat, the IOC said last week it "will not speculate on hypothetical
situations," adding that it believes Korea and PyeongChang will "show
their commitment by solving the problem." On Monday, Council members of Gangwon Province and other cities and counties where the various Olympic sporting events will be held "visited the National Assembly and urged the government to increase its financial support in order to avoid controversy." A Gangwon Provincial Assembly official said, "The event is an international one and will be held on our soil for the first time, but the government focuses only on the economic aspects and refrains from giving due support." The government decided to cover "only" 50% of the cost. However, the province wants the government to cover 75% of the costs. According to a "special law about supporting the 2018 PyeongChang Olympics and Paralympics," the government can cover more than 75% of the costs incurred in the "building or remodeling of facilities where the sporting events will be held" (KOREA TIMES, 12/2).
