The operating budget for the 2024 Summer Olympics in Paris is expected to increase by 10%, mainly due to runaway inflation, the organizing committee admitted on Tuesday.
This committee, called “COJO”, anticipated an initial operating budget of approximately 4 billion euros (5.51 billion Canadian dollars), but will submit a revised budget of approximately 4.4 billion euros (6 C$.06 billion) at an OCOG meeting next month.
The organizing committee has indicated that half of the excess amount will be used to cover inflation, while the rest will mainly be used to finance the opening ceremony on the Seine, cybersecurity as well as the hiring of additional human resources.
The total budget for the Paris Olympics, including construction and infrastructure renovation costs, is expected to reach 8 billion euros (CA$11.02 billion) — up from initial projections.
In addition, the organizing committee expects to increase its revenue from ticket sales, and said it had reached around 80% of its goal of raising 1.1 billion euros (1.52 billion $CA) in revenue from commercial agreements.
“We have exceeded our commercial objectives,” said Tony Estanguet, President of the OCOG. We wanted to reach around 80% of our target before the end of the year. We have already achieved this goal, before the deadline to do so. And we should cross the 90% threshold within a few weeks. »
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