An audit by Price Waterhouse for the Metropolitan Atlanta
Olympic Games Authority says that the $1.58B cost of the '96
Games will be covered by ACOG's fund raising, but the firm
forecasts only a $32M cash cushion beyond that, down from a $60M
estimate in January '94. The margin would still be within an
"acceptable range" of 5% of the committee's uncommitted revenue,
or 2% of the total budget. Robbie Pound of Price Waterhouse says
the "next five months are critical" for ACOG. ACOG COO A.D.
Frazier disputed the audit, saying that Price Waterhouse found a
smaller cushion "because it is less confident than he is about
some revenue projections." Frazier says around 60% of ACOG's
forecasted revenues have been committed (Melissa Turner, ATLANTA
CONSTITUTION, 2/21). Frazier said upcoming announcements
regarding sponsorships "should brighten the financial forecast"
(Lyle Harris, ATLANTA CONSTITUTION, 2/20).
NATIONAL PROFILE: According to Dave Griesing in this week's
BUSINESS WEEK, ACOG must "move swiftly" with signing up remaining
sponsorships to keep their pledge that the Games would go on
without public funding. Many "would-be" global sponsors have
"balked at the original $40M asking price for 10 major
categories" -- as of now, no domestic auto company has signed on
-- and ACOG President Billy Payne has had to sell "smaller bits
of turf" in close to 50 different categories (BUSINESS WEEK, 2/27
issue).
