Paris 2024 Bid Committee Ends with Surplus

(ATR) The Paris 2024 Olympic bid committee gives 5 million euros back to the city, regional and state governments.

(ATR) The Paris 2024 Olympic bid committee is giving 5 million euros back to the city, regional and state governments as its last act.

Each of the entities will receive 1.5 million euro as a result of a surplus generated by strict adherence to the bid committee operating budget, according to the newly formed Organizing Committee.

"The achievement of this budget surplus is a remarkable feat in bidding history and a strong testament to the rigorous management by the Paris 2024 bid committee," Paris 2024 said in a statement.

"This exemplary and transparent approach will continue at Paris 2024 in the coming years in order to live up to its promise of delivering Olympic and Paralympic Games that are responsible, spectacular and useful for the population."

The announcement follows criticisms that the Paris 2024 team had received for spending at the International Olympic Committee Session in Lima, Peru. It was there Paris was officially awarded the 2024 Summer Games in a pre-arranged deal with the IOC and Los Angeles bid committee.

The Paris 2024 bid committee was officially dissolved at a meeting of the Olympic project board members held at the French Olympic Committee headquarters in Paris on Jan. 18.

Now, Paris 2024 Organizing Committee President Tony Estanguet and chief executive officer Etienne Thobois will begin recruiting the remainder of the OCOG as its founding two members. Estanguet was confirmed as future president of the OCOG in May 2017 whileThobois was chosen to remain as CEOon Dec. 20.

Thefirst wave of recruitmentconcluded on Jan. 15 with application deadlines for the positions of chief financial officer, international relations director and human resources director.

Estanguet says the new OCOG will use the same budget strategies that provided a surplus from management of the bid.

"This rigorous management sends a strong message, and we will follow the same diligent approach at the OCOG," Estanguet said in a statement. "The adventure ahead of us will be exciting, demanding but above all full of opportunities."

Written by Kevin Nutley

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