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Turin Winter Olympics 2006: Government to fill financial gap

Mar 10, 2005 / alpMedia
Less than one year before the start of the 2006 Winter Olympics uncertainty still prevails as to how to fill the financial gap of around €180 m that has resulted from a lack of revenue. Moreover the internal disputes within the Games' Organising Committee that have now been going on for several months have reached a new high with the forced resignations of both the Chairman and his deputy.
To fill the financial gap the government, with the agreement of the local authorities, would like to fall back on public sponsors without infringing EU law, which prohibits state subsidies. Specifically a treasury company by the name of Torino Evolution is to come to the rescue, the company itself being 51% controlled by the public agency for investment matters Sviluppo Italia and 49% by the Region of Piedmont, and the Province and City of Turin. The government has already pledged €80 m; a further €100 m must now be raised (to be provided by the inter-ministerial committee for economic affairs) - and the budget for the Games approved.
Source: CIPRA-Italia
Filed under: sporting events, sport