Rogge Says Olympic Preparations Unaffected By Financial Crisis
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Rogge Says Financial Crisis Not Hurting
Preparations For Future Olympics |
IOC President Jacques Rogge said that the global financial crisis "should not hurt preparations for upcoming Olympics," according to Graham Dunbar of the AP. Rogge: "No one has certainties today, but I am not pessimistic for the Olympic Games." Funding for the 2010 Games "is secure," as Rogge said that "there is 'no issue' concerning Vancouver." And LOCOG officials "have assured the [IOC] they can overcome the worldwide credit crunch." The London Games Olympic Development Authority last week said that it "still expected to find private financing for construction work, although on tougher terms." London "may need to call on reserves" from the British government's $1.9B contingency fund to "help pay for the athletes' village and a new broadcast and media center." However, Rogge "rejected the suggestion that the Olympics have grown too big and become an extravagance for host and bidding cities." Rogge: "People are always speaking about small Games, without financial means and without TV rights and so on. We had Games like that and they are absolutely hypocritical" (AP, 9/30). Meanwhile, IOC Finance Commission Chair Richard Carrion said that with the IOC "making TV rights deals years before the Games, market perturbations such as this week's are not an issue." Carrion: "I'm not too worried that the current economic crisis will impact the value of broadcast rights. The 2010-2012 cycle is essentially done and we are starting to look at 2014-2016 rights negotiations. The critical issue is economic conditions in the months leading up to the Games, not now" (AROUNDTHERINGS.com, 9/30).
SECURITY COSTS: In London, Jane Merrick reported the London Games budget will top US$17.8B "because officials have 'vastly underestimated' the cost of protecting the event from terrorists." A source involved in the planning said that security costs for the Games are now likely to reach US$2.67B -- "nearly three times the original estimate." The security operation is "expected to be largest in peacetime Britain." If security costs reach US$2.67B, it would send the budget beyond US$17.8B, despite recent pledges by London Olympics Minister Tessa Jowell and London Mayor Boris Johnson that the "final limit" would be US$16.56B. Merrick noted the security estimate for the Games was originally US$1.07B, "but this was based on the costs of the 2000 Sydney Olympics, before the 9/11 attacks" (London INDEPENDENT, 9/28).
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