SLOC Announces $56M Surplus; Bullock Takes Over For Romney
Before Mitt Romney formally resigned as SLOC President yesterday, he announced the '02 Salt Lake City Games "produced an official surplus" of $56M, according to Mike Gorrell of the SALT LAKE TRIBUNE. Of that surplus, $4M "will be used to develop" an "Olympic Legacy Plaza" while another $2M will "enhance Olympic venues." SLOC will also fund construction of an Olympic Cauldron Park. Gorrell writes, "America's future winter-sports prospects should be enhanced with $10 million of the surplus destined for the [USOC]. The remaining $30 million will go the Utah Athletic Foundation for the long-term operation of Utah Olympic Park, the Kearns speedskating oval and, most likely, the Soldier Hollow cross country and biathlon courses in Midway." SLOC COO Fraser Bullock, who will also now hold the title of President, will "oversee the organization's continued shutdown." Bullock "has to close out" 478 contracts, which "should be done by June, when SLOC's work force will be down to 42 from its" high of 7,600. Only 13 employees will remain in July and "all will be gone" by December. Meanwhile, the IOC said it "was turning back its right to a share of the Games profit — roughly $4.5[M] — to the Utah Athletic Foundation" (SALT LAKE TRIBUNE, 4/25).
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