Madrid 2020 Cuts Olympic Bid Budget

The Spanish Olympic Committee (COE) says it will cut the cost of its bid budget for the 2020 Summer Olympic Games by up to 40 percent, compared to what it spent on its failed bid for the 2016 Games.

The bid committee is to cut 30 to 40 per cent from the previous $50.4 million budget, leaving an amount of between $30.2 million and $35.3 million.

Alejandro Blanco, head of the bid committee, did not say how the budget would be split between the public and private sectors.

Blanco, President of the Spanish Olympic Committee, said, “people are not questioning Spain’s candidacy, but the moment Spain is in. We have to give off an image of economic solvency and to do that we need the help of this country’s businesses”.

Madrid already has a large part of its sporting infrastructure in place so no further building needs to be carried out. Blanco said, “we will only be spending money in presenting our candidacy”.

He added, “we need the Games, with the political and economic situation the country is living at the moment, we need a project to unite us all. The Games mean a lot for every country, but they mean more for Spain. If we want the Games we have to believe that we are going to be chosen and we have to work for them”.

Tuesday the Madrid 2020 Society was founded which will manage the Summer Games bid, reports the Associated Press.

Madrid is competing against Baku, Doha, Istanbul, Rome and Tokyo for the 2020 bid.