The Paris 2024 Olympic and Paralympic Games Committee has corrected its budget upwards, partly due to inflation, to 4.379 million euros, 10% more than the last estimate, the organizers reported today.
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The president of the Paris 2024 Committee, the Olympic medalist Tony Estanguetexplained that these almost 400 million additional euros are partly due to the rise in inflation, which represents an additional cost of nearly 200 million euros.
Without the current inflationary scenario, the Olympics budget would have increased by 5%.
We have integrated in the most exhaustive way possible the risks of inflation, the wage bill, security”, commented Estanguet. He assured that they have also had to contain some expenses, eliminating, for example, certain advantages in access to transport that were given to spectators.
Less public contribution
This new budget of 4.4 billion euros for the organization of the Olympic and Paralympic Games includes a public contribution of 170 millionaround 4% of the total budget, compared to 3% of the previous project.
Nevertheless, the organizers stressed that the effort of the public sector is less than that of the London Olympic Games in 2012.
To these 4,400 million from the committee, which includes income from tickets and sponsorship, among others, the budget allocated to the works of the Games managed by the company Solideo is added, which currently stands at around 4,300 million euros -of which almost 1,900 come from public money-. Thus, the global bill of the Olympic Games is estimated at 8,700 million.
The 400 million of the budget gap recognized now -which, in addition to inflation, includes an increase in the costs of hiring personnel and in the area of security- They will be covered with a growth in income from tickets (143 million more than expected) and from sponsorship (another 127 million)indicated Estanguet.
Thereto, joins a new public contribution of 71 million eurosdestined for the Paralympic Games.
This new budget will have to be approved by the Board of Directors of the Olympic Games on December 12.
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