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≡ 2026 OWG BUDGET DEFICIT ≡
A presentation to government stakeholders of the 2026 Olympic and Paralympic Games in Italy was reported to include confirmation of a deficit that could range from €130 to €310 million, requiring payments from multiple levels of government, including the participating municipalities, provinces, regions and the national government. (€1 = $1.17 U.S.)
The Italian newspaper La Notizia reported Tuesday on a 9 April 2026 meeting of the Fondazione Milano Cortina 2026 board, detailing a current scenario reflecting €230 million in added costs and €80 of revenue shortfalls. It was also noted that the accounting will not be completed until at least the end of the year.
The story indicated the Milan Cortina 2026 organizing committee budget swelled from the forecast €1.4 billion to €1.7 billion ($1.64 billion to $1.99 billion). The added costs for the Milan Cortina organizers were noted to come from advances to complete construction projects, including the privately-financed Santaguilia Arena, the primary venue for ice hockey (pictured above), which were cited as making the difference in getting the site (barely) ready on time.
Essentially, the regions of Veneto and Lombardy are 50% partners in the deficit with shares within each divided among the resident municipalities and the regions themselves.
Veneto regional council member Giovanni Manildo said, “[Veneto President Luca] Zaia‘s Olympic legacy appears more burdensome than triumphant. At this point it will be crucial to press the IOC [International Olympic Committee] to provide at least a lifeline capable of limiting the damage.” The Veneto region put aside €143 million against a possible deficit at the Games.
The hope is that the IOC will take up €100 million of the debt, a request which will not be well received in Lausanne and would open up an endless request for the IOC to guarantee the finances of its hosts.
Observed: This is not what the Milan Cortina organizers hoped for, but there is a structure in place to take up the debt.
However, the impact of such a report now may also inform and possibly impact the negotiations between the City of Los Angeles and the LA28 organizing committee. L.A. City Council members are already worried about any coverage of a deficit by the LA28 organizers and this will only raise their concerns.
The Paris 2024 organizers met their budget and the government construction effort also came in on time and on budget. Apparently, not so in 2026, especially in Milan.
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