Pierre de Coubertin once said, “Holding an Olympic Games means evoking history.” It also means shelling out a whole lot of money.
In these difficult and uncertain financial times, even the Olympic Games aren’t immune. The city’s mayor announced Thursday that the Ontario capital would not submit a bid. My heart sank as I read the news, faster than a .
And what was the reason for the decision? “It’s the economy, stupid!”
The Globe & Mail reported that Mayor Robby Ford’s office released a statement saying that “….out of cost concerns, despite assurances the bid would have come at no cost to city taxpayers.” With Lisbon in the midst of a mammoth financial crisis, Toronto was my other personal choice. The city’s location, size, and friendly inhabitants makes it an obvious choice to host the Summer Olympics, and why it’s never been chosen continues to baffle me. I had really hoped 2020 would be “Toronto’s time.”
The reason behind Mayor Ford’s decision brings up some interesting questions for debate. Are the Olympics becoming too expensive to host? Who should absorb the majority of the hosting costs? Taxpayers? The IOC? Corporate sponsors? Is it worth it to even host–especially if a city will either lose money or only break even?
Residents of Vancouver have been openly critical of the financial costs for hosting the 2010 Winter Olympics. Many Londoners have already criticized the costs of hosting next year’s Summer Games. Many previous hosts have or are still facing mammoth post-Olympic debts, as debated by several New York Times guest columnists.
Last year GamesBids.com reported that the IOC was considering offering financial incentives to cities bidding for hosting rights. The rumor began after only three cities submitted bids for the 2018 Winter Games. And with only Rome, Madrid, Istanbul, and Tokyo having submitted formal bids for the 2020 Summer Games, surely the IOC has to be moving forward with this plan? With the financial chaos and difficulties facing so many governments, bidding for the Olympics—as well as hosting–just isn’t realistically affordable.
According to GamesBids.com incentives would be offered to cities which are unsuccessful in bidding to host the Games. Possible incentives include “…. endowments to local universities to set up permanent athletic scholarships; grants towards the construction of permanent amateur sports facilities and possibly financial assistance for national teams” that participate in future Olympics. And here’s the real kicker: To the city which won hosting rights, “….the IOC may be willing to bear 50% of the financial risk of organizing the Games – including cost overruns of any non-capital expenses.” And why hasn’t the IOC already been doing this?
As a fanatic of the Olympic Games, I believe that hosting the Olympics is a privilege, a grand opportunity. Yet at what cost should a city and its country try for? It’s time the IOC wakes up and gets with the times. As much of a gift as hosting the Olympics is, cities cannot bear the sole financial responsibility. It’s time the IOC steps up and takes on the role of grantor and awards more than just the designated host city.
Finally, here’s a question I leave with you. What would Coubertin think of how financially absorbed and commercially driven the Olympics have become? The Olympic Games are for the world and all nations must be admitted to them.
Swifter, Higher, Stronger.
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I’m in the midst of getting ready to attend the Modern Pentathlon World Cup later this week in Charlotte, North Carolina. As busy as I am, I still had to take time and do my civic duty. Yeah, I voted–but not in the Republican Primary! I voted on the nominees to inducted into the US Olympic Committee’s Hall of Fame!
