Halved compared to expectations. The debt is 16.2 million. Malagò: “Excellent news. Now we have to make up for the time lost due to the pandemic”
The Milano Cortina 2026 Foundation closed the 2021 budget with a loss of 21,217,315 euros, more than halved compared to the forecasts of the Plan approved in November 2020. The deficit, “however inherent in the financial dynamics of the life cycle of events such as Olympics and Paralympics – the organizing committee explained – is the result of a careful cost containment policy, which has not prevented the carrying out of the planned activities and the maintenance of the program of approaching the 2026 Winter Games “.
liquid assets
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Also from a financial point of view, the situation at the end of 2021 is better than expected with a net financial debt of 16.2 million and available liquidity capable of covering the cash needs of the near future. “With the delivery of the Olympic and Paralympic flags in Milan Cortina 2026 – declared Malagò, president of Milan-Cortina 2026 – we are moving from the strategic phase to the planning phase. The approval of the budget with a better result than forecasts is a excellent news. Milan Cortina 2026, despite being a low cost candidacy, which will use over 90% of existing or temporary plants, requires rapid interventions, in the infrastructural field, to make up for the time lost due to the pandemic “.
respect commitments
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“We have managed to keep the commitments undertaken in the process of getting closer to the Games – underlined the CEO of the Foundation, Vincenzo Novari – while reducing the costs estimated in the budget. We will create an impeccable edition of the Games without any public financial contribution. Thanks to a ‘careful management of resources, the cost curve in the second year of operation is in line with expectations “.
April 6, 2022 (change April 6, 2022 | 17:57)
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