IOC Says It Will Not Help Rio Games Organizers Pay Off Estimated $35M-$40M Debt

The IOC "balked" at helping Rio Games organizers "pay a debt" estimated at $35M-$40M, according to Stephen Wade of the AP. The IOC exec board said that it already contributed a "record" $1.53B to the Rio Games, and "questioned giving more" after meeting with Rio 2016 President Carlos Nuzman. In a statement, the IOC said that "more detailed information" was needed and that it "deferred any further consideration at this stage." It added that it "has closed all its obligations with the organizing committee." The IOC said that in addition to record help for Rio, there had been "an exceptional effort to significant cost savings and additional financial undertakings by all the Olympic stakeholders, which amounted to hundreds of millions of dollars." Last month, a financial report put the cost of the Rio Games at $13.1B, a "mix of public and private money" (AP, 7/9).