The 2030 Winter Olympics and Paralympics could cost $3.09 billion if held in British Columbia.
Canada’s four first nations, the Canadian Olympic Committee and the Canadian Paralympic Committee presented the financial estimates – with bid officials promising that running costs would be covered by private funding of up to $2.16 billion.
The cost would be funded through sponsorships, broadcast rights, and merchandise licensing.
Renovating housing, security and facilities would require between $773 million and $927 million in public dollars.
The COC estimates that between $231 million and $290 million would be needed in government grants for new buildings and renovations to existing Vancouver 2010 venues.
Approximately $127-206 million would be needed for the Olympic Villages.
To secure the Games, an additional approximately $433-450 million would be required.
Estimates include a built-in 25% contingency for uncertainties including cancellation insurance – the 2020 Tokyo Olympics were delayed for a year due to the pandemic and no fans were in attendance.
Behind the offer
Vancouver City Council will likely decide whether to back a formal bid following a July 20 staff hearing. The BC NDP government has given the COC until August 15 to develop a detailed plan.
“At this point, the province has not committed any funds to this project,” said Melanie Mark, BC Minister of Tourism, Arts, Culture and Sport.
Salt Lake City and Sapporo, Japan would also explore offers for the event. The host will be chosen in May 2023.
Read the original article on FrontOfficeSports.com.
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