Why Italian leaders say there may be ‘no cash’ for the 2026 Wint…

The empty San Siro stadium is pictured earlier than the Serie A football fit between AC Milan and Genoa in Milan, Italy. Italian leaders are sounding the alarm concerning the price range of the 2026 Winter Games in Milan and Cortina. (Antonio Calanni, Associated Press)

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SALT LAKE CITY — Italian executive officers are sounding the alarm concerning the price range of the 2026 Winter Games in Milan and Cortina, caution organizers are within the purple after elevating most effective round part of the anticipated revenues from promoting sponsorships.

“There isn’t any cash for the Cortina-Milan Olympics,” native and regional executive officers wrote in a letter to Italian Prime Minister Mario Draghi, caution “there are 4 years left and we’re nervous,” in keeping with a file by way of an Italian-language newspaper, il Fatto Quotidiano.

Despite promising to boost about $578 million from sponsors, Milan-Cortina organizers have introduced negotiations for offers price about $294 million with out having the ability to produce “even the shadow of contracts,” the newspaper reported.

That’s on most sensible of about $22 million in losses for the price range 12 months finishing in April, the newspaper stated, including that in spite of being within the purple, organizers have been “celebrated as a good fortune for having ‘contained’ the losses, to be added to the tens of hundreds of thousands misplaced in 2020.”

The Sports Examiner, a California-based Olympic information supply, reported Thursday that the control of the organizing committee for the 2026 Winter Games “is now a central center of attention,” even if rumors the committee’s chief could be fired in May grew to become out to not be true.

“But the regional governments which got here in combination to win the Winter Games don’t wish to make a request for public price range for the 2026 effort, and undoubtedly don’t wish to fund the Games themselves any longer,” The Sports Examiner’s editor, Rich Perelman, wrote.

The considerations over Milan-Cortina’s $1.7 billion price range come as organizers of the 2024 Summer Games in Paris say prices are skyrocketing because of provide chain problems associated with the continuing COVID-19 pandemic in addition to Russia’s invasion of Ukraine, straining the just about $4.3 billion price range.

Utah’s bid for the 2030 or 2034 Winter Games could also be in a special scenario, even though considerations concerning the monetary affect of Salt Lake City internet hosting 18 months after the 2028 Summer Games in Los Angeles continues to be the topic of behind-the-scenes talks led by way of the U.S. Olympic and Paralympic Committee.

Unlike in different nations, native, state and federal governments aren’t anticipated to assist pay for the direct prices of internet hosting an Olympics. The federal executive, alternatively, does take the lead on safety for main nationwide occasions comparable to a Summer or Winter Games.

Just as for the 2002 Winter Games in Salt Lake City, Utah’s bid to convey every other Olympics to the state does now not name for any taxpayer investment, Fraser Bullock, president and CEO of the Salt Lake City-Utah Committee for the Games, has stated.

The $2.2 billion value of internet hosting in 2030 would come in large part from the sale of sponsorships, broadcast rights and tickets, with a $200 million contingency fund and every other $300 million put aside for use after the Games for proceeding to care for venues and different legacy functions,

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Lisa Riley Roche

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