/IOC not helping Rio Olympics organizers with estimated $35-40 million debt

IOC not helping Rio Olympics organizers with estimated $35-40 million debt


AP

Published 2:50 p.m. ET July 9, 2017 | Updated 10:02 p.m. ET July 9, 2017

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RIO DE JANEIRO (AP) — The IOC has balked at helping Rio Olympic organizers pay a debt estimated at $35-40 million.

The executive board of the International Olympic Committee, meeting Sunday in Lausanne, Switzerland, said it had already contributed a “record” $1.53 billion to last year’s Olympics, and questioned giving more after meeting with organizing committee president Carlos Nuzman.

In a statement, the IOC said “more detailed information” was needed and said it “deferred any further consideration at this stage.” It added that it “has closed all its obligations with the organizing committee.”

Contractually, host cities and countries are obligated to pay Olympic debts.

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