Goldman Sachs Contributing To Fukuoka’s Bid For 2016 Games
Goldman Sachs is “planning to put its own money” into a bid by Fukuoka, Japan, to host the 2016 Olympics, according to a front-page piece by Nakamoto & Thal Larsen of the FINANCIAL TIMES. The company, which is “advising Fukuoka on the commercial viability of hosting” the Games, said that it was “prepared to commit its own funds to help pay for the infrastructure development and was confident the project would pay ‘sizeable returns.’” Fukuoka plans to redevelop the Suzaki harbor as the Olympics site, in a project estimated to cost $4B. Goldman Sachs estimated that the project will yield an annual 15-30% return (FINANCIAL TIMES, 8/26). The FINANCIAL TIMES’ Lex noted Tokyo, which is also considering a bid, has “plenty of existing infrastructure and the ability to raise cash with ease.” Fukuoka’s public projects budget is “in the red yet it would need to build most venues from scratch, as well as upgrade the transport system” (FINANCIAL TIMES, 8/26).
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