COLORADO SPRINGS, Colorado – Here’s another big business that needs a bailout: The Olympics.
With a year to go before the start of the Winter Games in Vancouver, much of the focus is on making ends meet.
The organizing committee has dipped into its contingency fund to the tune of $40 million to cover rising costs because of the slowing economy. The city just approved a new budget that will allow it to borrow $350 million or more to take over building of the athletes’ village after the original lender stopped payment.
The Vancouver Games, which begin on Feb. 12, 2010, have an operating budget of $1.63 billion – a $104 million increase over the original budget that was developed about two years ago. (AP)