(ATR) The financial crisis at the Turin Olympics deepens. A board meeting expected to approve its budget only one week before the IOC visits Turin on February 10, has been canceled. Olympic officials now are struggling to find a solution in time for the visit.
"There will be no TOROC board meeting" on February 4, Olympic supervisor Mario Pescante tells Around the Rings.
"It is a budget crisis," Pescante said.
TOROC and Piedmont officials will meet the Italian government in Rome on February 8. There will be a proposal at that time from the government, Pescante said. "I will meet (IOC president Jacques) Rogge on February 9" with an Olympic budget ready, he assured.
TOROC has a budget shortfall of 150 million Euros.
A government agency, Sviluppo Italia, had promised in December to pay the amount of the shortfall but has not done so yet because TOROC, as a private company, can not receive direct payments from public subjects.
"This is not a deficit due to foolish spending. Some sponsors went missing," Pescante said, referring to Telecom Italia and energy giant Enel, "state-owned companies that were privatized" after they had agreed, three years ago, to sponsor the games. "They are not going to pay one cent," he said.
All the Olympic News of the Week in February 4 edition of Around the Rings, for subscribers only.
Now online at Around The Rings
the Around the Rings Golden 25 for 2005, the ninth annual ranking of the most influential personalities in the year ahead for the Olympics.