Jump to content

Books Closed on Chicago 2016


Recommended Posts

Final fundraising details today: Chicago 2016 took in nearly $76 million for the bid. All contributions were made through the private sector.

A total of $59.4 million was spent on the campaign. $16.5 million went to the legacy youth program World Sport Chicago.

An additional $16.2 million was donated in goods and services.

2016's Costs Revealed

By Phil Rogers

NBCChicago.com

May 17, 2010

Chicago officially closed the books on its Olympic dream today when it filed its final financial statement for the failed 2016 bid. Chicago 2016 Chairman Patrick Ryan issued a statement detailing the fundraising and expenditures for the Olympic bid that died in Copenhagen, Denmark last fall. "We are grateful to our very generous donors who understood the impact that the Olympic and Paralympic Games have on inspiring young people, and who supported our hope to showcase Chicago to the world," Chicago 2016 chairman Patrick Ryan said in a statement. The filing shows that the bid committee, Chicago 2016, took in $75.9 million in cash contributions, event revenues, merchandise sales and interest income. During the 42 month campaign, the organization spent $59.4 million. The remainder, $16.5 million, went to the bid's legacy youth sports organization, World Sport Chicago.

Chicago 2016 also received $16.2 million in donated goods and services. "Although unsuccessful in our attempt to bring the 2016 Games to Chicago, we believe the bid showcased the greatness of our city and its citizens to the world, and inspired tens of thousands of Chicago youth to become engaged in sports," Ryan said.

http://www.msnbc.msn.com/id/37196072

-

Link to comment
Share on other sites

Awwwwwwww. Kinda makes me misty-eyed.

Good to hear that not everything was thrown at the bid and that some $16.5 went to that program. And I think $6.5 was spent on the domestic phase of the bid. So counting the donated goods and services and minus the domestic phase cost, it would've been still around $65 mil. If they hadn't maxxed out the credit card, running again would've been a little more appetizing.

I believe Tokyo's was around two billion yen*...whatever that comes out to in dollars. But it was just mentioned in passing in a news release. I am sure the other 2 bids had some figures released but maybe just in their domestic press releases.

(*If I remember the figure and if I computed it right, the Tokyo bid seems to have cost only US$21.6 mil which is why they seem to be eager to go again since they didn't hock the entire house.)

Link to comment
Share on other sites

RIO DE JANEIRO

Campaign closing on November 11, 2009.

APPLICATION PHASE R$ 8.601.783,37

Public sector

  • Federal government: R$ 2.866.438,24
  • State government: R$ 2.846.139,48
  • City government: R$ 0

Private sector

  • Sponsorship: R$ 2.889.205,65

CANDIDATURE PHASE R$ 77.190.739,57

Public sector

  • Federal government: R$ 40.838.887,70
  • State government: R$ 3.125.203,47
  • City government: R$ 4.334.591,90

Private sector

  • Sponsorship: R$ 28.892.056,50

TOTAL R$ 85.792.522,94

Public sector

  • Federal government: R$ 43.705.325,94
  • State government: R$ 5.971.342,95
  • City government: R$ 4.334.591,90

Private sector

  • Sponsorship: R$ 31.781.262,15

The Rio de Janeiro bid committee received R$ 103.708.426,73 from government sources and sponsors. Out of this amount R$ 14.718.868,13 were used for tax payments; and R$ 3.197.035,66 were returned to government treasury. Up to the month of October 2009 the net expenses related to Rio's bid totaled R$ 80.194.820,10. A balance of R$ 5.597.702,84 was left and allocated to the initial investments to be made by the Rio 2016 Organizing Committee.

Link to comment
Share on other sites

So with Madrid costing 37.8 mil euros (so approximately US$53 last year), this is how they rank:

Tokyo - US$22,000,000 (est)

Rio - US$48 mil

Madrid - US$53 mil

Chicago - US65 mil.

All of the above are rounded off. So, OMG! Chicago was the last of the big-time spenders. Really unfortunate they did not put a lid on the spending. It will have very deletrious effects.

Link to comment
Share on other sites

I always thought the $65m for Chicago sounded bit excessive. They must really have been paying top dollar for their services they contracted out for. But it is a tribute to them that they managed to make sure the bid had a direct public benefit with their grant to World Sport Chicago - nice way to show how a bid itself can aid the city very tangibly.

And so Tokyo only spent about a third? They always seemed low key, but i always figured that was a language and culture thing and we just weren't hearing much of what was going on. But maybe not so. If Japan was to bid again, I think they have to learn to be a bit more proactive.

I guess the $50m mark is the rough ballpark figure for a bid these days then.

Link to comment
Share on other sites

It is definitely going to take some time, and more convincing for the business community to cough up $65 million + for another bid. Although, it wouldn't be impossible.

Correct me if I am wrong, but Chicago took in more private donations than any other bid in history. That should say something about support...

The bid's original goal was to raise $49 million, so they exceeded it by $10 million, and added another $16.5 million for youth athletic programs in the city.

Link to comment
Share on other sites

It is definitely going to take some time, and more convincing for the business community to cough up $65 million + for another bid. Although, it wouldn't be impossible.

Correct me if I am wrong, but Chicago took in more private donations than any other bid in history. That should say something about support...

The bid's original goal was to raise $49 million, so they exceeded it by $10 million, and added another $16.5 million for youth athletic programs in the city.

Uhmmm...u're being unrealistically optimistic. I bet if you asked the big donors now, I think they would be extremely hesitant to open up their purses again. I know I would.

But 20/20 hindsight...if Chicago left a little in the bank, they could have had something like LA's SOCOG (southern Cafif's perennial, shadow Olympic org) that's ready to jump into any O situation given a second's notice. Instead the Windy City...to use a pun...blew it all in one take.

Link to comment
Share on other sites

I don't know Baron, there are some pretty deep pockets here. If Chicago ever did bid in the not so distant future, some of these companies and individuals will surely support the city once again. I can't say that "they blew the bank", when the bid still highlighted the city internationally, and a youth sport program was created out of it.

In hindsight the spending was excessive, but to expect the same drive as LA in bidding is simply unrealistic. They have already proven their ability to make a buck, especially with most venues in place. Chicago starts off with more of a blank canvas.

Link to comment
Share on other sites

Hmm, I'm reading a 2nd set of final numbers for the Chicago 2016 bid from other Chicago news articles. According to those, from a released federal tax filing, the bid actually spent 70.6 million dollars, and the amount actually donated to World Sport Chicago was 6.8 million dollars. I'm wondering if the difference between the numbers might be on what money was spent by World Sport Chicago during the bid process.

Chicago Business Article

Link to comment
Share on other sites

I don't know, all articles that I have read have the numbers that I originally posted.

See article on Tribune website

I remember hearing that nearly 10 million was donated to World Sport Chicago during the campaign, so I am assuming the leftover 6.8 million was combined with the previous amount donated which then totaled the 16.5 million donated to WSC.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...