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Olympic Winter Games always more expensive than promised - Play The Game
Blackmailing and theft

Foolish measures have been taken to cover and cover up the cost overruns over the years. Lake Placid, for instance, had a budget of 75 million euro for the 1980 Winter Games but spent 373 million. In panic, millions of dollars were taken from a fund for the fight against unemployment.

Grenoble used the infrastructure needed for the 1968 Winter Games as a manner of blackmailing. Three months after the IOC had assigned the event to the French, the organisersation rang the bell: "If we do not start improving the roads within two months with, it is too late. We need a new station, an airport and new roads to Lyon and Geneva."

They already knew that in Grenoble the year before, but the blackmailing was successful. The expenses increased so much that they were still not fully paid in 1992 when France again hosted the Winter Games, this time in Albertville.

The 1998 Winter Games in Nagano tops everything. The Japanese had an initial budget of 1.17 billion euro, but spent around 14.6 billion euro. The final cost is an estimate, as the complete administration of the event was burned.

The original article on sportgeschiedenis.nl has a nice picture how the budget of all previous winter games combined fits into Sochi.

Worst offenders in percentage points: Squaw Valley '60, Innsbruck '76, Nagano '98 with each more than 1100% over budget.

Schengen is toast!

by epochepoque on Wed Mar 12th, 2014 at 02:59:56 PM EST
The action of the free market: the Games organizer has to pay as desperate to satisfy obligations to IOC, and then has to sell the Olympic assets for pennies (or worse) while the debt is still astronomic.

With Nagano still in memory, Abe's Japan appears eager to spend on Tokyo...

by das monde on Wed Mar 12th, 2014 at 03:42:21 PM EST
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