Salt lake city government

The 2030 Winter Olympics in British Columbia could cost up to US$3 billion according to figures recently released by the Feasibility Team

Costs to host the 2030 Olympic and Paralympic Games in British Columbia are estimated to be between 3.5 and 4.0 billion Canadian dollars (2.7 and 3.09 billion US dollars), according to a report published Friday by the BC 2030 Feasibility Team in Vancouver.

BC 2030 Feasibility Team Paper, July 8, 2022

Estimates were released by Lil̓wat7úl (Líl̓wat), xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish) and səl̓ilw̓ətaʔɬ (Tsleil-Waututh) First Nations, in conjunction with the feasibility team representing the Canadian Olympic Committee (COC) and CPC of the Canadian Paralympic Committee), the organizations should lead the bid if it were to go ahead if the International Olympic Committee (IOC) selects the Canadian province as the preferred candidate in December of this year.

Estimates are broken down into capital investments funded by the state and operating costs funded by the private sector. Investments such as venue renewal, construction of Olympic villages and the federally funded security budget are expected to cost between C$1 billion and C$1.2 billion (US$773 million to C$927 million). US dollars), taxpayers across Canada footing the bill. Essential government services and discretionary spending are not included in the forecast.

A legacy of over a thousand housing units and up to twenty years of renewed sports infrastructure will remain for the community. There is no financial legacy fund included in the budget.

Games planning and delivery – costs that are expected to be fully offset by broadcast, sponsorship, ticketing, merchandise and other revenue – are budgeted between C$2.5 billion and C$2.8 billion. Canadian (US$1.93 billion to US$2.16 billion). The most lucrative broadcast rights are already locked, having been purchased by NBC in the United States until 2032.

All estimates are based on 2022 dollars, but the feasibility team ensures that several contingencies and currency adjustments are factored into the equation to protect against unforeseen increases.

The feasibility team will seek council approval of the plans in July and August, followed by buy-in from the federal and provincial governments from October to November. The IOC is expected to select preferred bidders for the 2030 games in November with an announcement in December.

If the bid moves forward, an IOC visit is scheduled for February 2022 and the bid team will enter into a multi-stakeholder agreement. The IOC is expected to elect the winning bid in late May 2022 at an all-member meeting in Mumbai, India.

Earlier this year, Sapporo in Japan revealed a price tag of 280-300 billion yen (US$2.4-2.6 billion) needed to host the 2030 Games, down substantially from a proposal it four years ago in a campaign for the 2026 edition.

Hokkaido’s capital is proposing a more frugal scheme that would leverage existing venues for up to 92% of the facilities needed, many of which were built for the 1972 Sapporo Winter Olympics. Some of the aging venues will require renovations major events before any Games.

Salt Lake City in the United States has proposed a budget of $2.2 billion for the resumption of the 2002 Games, a figure which will increase by 10% to take inflation into account if the capital of Utah is rather the host in 2034.

Calculated with 24% inflated dollars to 2030, the bid committee estimates operational costs would be $1.75 billion and a contingency of $200 million would protect against overruns. An additional $250 million would be earmarked for legacy projects aimed at perpetuating the sport in Utah. These costs would be fully offset by expected revenue from broadcast contracts, sponsorships, and ticket and merchandise sales.

The Salt Lake City Games won’t take taxpayer money directly, but the entire security budget, which often costs several hundred million dollars, must be funded by the federal government, as with most major events. international in the United States.

Sapporo and Salt Lake City budgets are expected to increase due to a significant increase in global inflation in recent months.

More soon…

Mary Cashion

The author Mary Cashion