(ATR) Hamburg mayor Olaf Scholz has revealed that staging the 2024 Olympics would cost the northern German port city 11.2 billion euros (12.6 billion USD) should it earn the right to host in 2017.
Of the 11.2 billion euros, 66% or 7.4 billion euros (8.3 million USD) would come from the public sector with the remaining 3.8 billion euros provided by the International Olympic Committee, sponsors, ticket sales and merchandising.
The figures and financial plan – which cover infrastructure and the actual Games budget – were revealed at a news conference in Hamburg on Thursday (October 8).
Scholz noted that hosting the 2024 Olympic and Paralympic Games "will cost less than the Olympic Games in London."
Hamburg will hold a city referendum on the bid on November 29 that, if approved, will pit the city against Rome, Paris, Los Angeles and Budapest in the race for the 2024 Games.
According to Scholz, the city and consultants calculated "the highest possible cost" and took into account "inflation and possible additional constructions costs."
In a comprehensive, 115-page financial report released by the city, more than 700 individual items were factored to arrive at the 11.2 billion euro sum.
The breakdown of the 11.2 billion euro budget is divided as follows: staging the Games (2.6 billion), mobility including modernization of roads and highways (2.1 billion), Olympic venues including Olympic Stadium (2 billion), Olympic city costs (1.7 billion), development of Hamburg’s port (1.3 billion), additional venues outside the city (900 million), public safety (500 million) and costs related to the Kiel sailing area (140 million).
Costs associated with the planned Kleiner Grasbrook 60,000 capacity Olympic Stadium are forecasted to be approximately 500 million euros.
Regarding the estimated 3.8 billion euro total revenue generated by hosting the Games, 3.4 billion would come from the OCOG budget including ticketing and marketing with the remainder from land revenue, capitalization leases in the port and International Broadcast Center revenue sales.
It was advised that taxpayers would not need to take on the entire 7.4 billion euro remaining cost as the city has already budgeted a sum of 1.2 billion euro towards hosting the Games, while the proportion coming from the federal government is yet to be known yet.
The government contribution is expected to be determined at the submission of Hamburg’s first application document to the IOC in February 2016.
Scholz said that the port city sees itself as a "gateway to the world" and aims to show that "transparent, compact, modern Olympic Games are possible in our city."
The bid plan calls for 90 percent of the venues to be situated within 10 kilometers of the Olympic Village.
Should Hamburg win its quest to host the Summer Games, it would become the third German city to do so, following Berlin (1936) and Munich (1972).
The IOC elects the 2024 host city at its 2017 session in Lima, Peru.
Written by Brian Pinelli
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