Samaranch Says No Risk for Madrid 2020 Olympic Bid

(ATR) Spanish IOC member Juan Antonio Samaranch declares there is "no financial risk" to bring the Olympics to Madrid even with the economic troubles facing Spain

Samaranch spoke to a group of international reporters who are covering the visit of the IOC Evaluation Commission for the 2020 Olympics, now in the second day of its four-day mission.

Samaranch said that with low infrastructure needs and a modest OCOG budget, the Madrid 2020 bid financing can be easily handled by the country. And he noted that with this third consecutive bid for the Games, there’s been an investment that cannot be overlooked.

"For Spain to continue bidding for the Games is an act of responsibility. We have put in the money and it would be hugely and vastly irresponsible to walk out now and not wait there and try to get the economic and financial and social return of all the money we have invested and paid for already.

"Contrary to other bids…like Rome that said we cannot afford it, in our case we cannot afford not to continue," said Samaranch, who presented the financial details of the Madrid 2020 bid to the IOC commission today.

Samaranch said even more than $100 million spent on the act of bidding for the Games, billions have gone into infrastructure such as airport work, roads and venues that buttress Madrid’s preparation to host an Olympics one day.

"Billions of dollars. Of building an aiport. Of extending the subway system. Of building the stadiums, of building the Magic Box for the tennis. All that investment has been done to create a better city.

"Many candidates say if I get the Games we will do improvements. Madrid did it the other way around, continue to improve the city to get the Games.

Samaranch acknowledged that some of his IOC colleagues may still see Madrid as too big of risk to get the 2020 Games against rivals Tokyo and Istanbul. But he says the bid will try to convince them otherwise.

"We will make sure that no one is not aware of what I have just explained. There is no financial risk for Madrid. There is no economic or financial risk to Madrid.

"People might not vote for us but everybody should know this reality. If they decide to vote for Tokyo, we respect that. They have very good reasons to get the vote," he said.

Samaranch noted the condition of the Spanish economy – not the best – means the Olympics can have a deep impact on the country.

"The proposition for the Games in Madrid is very different from any other proposition for the summer Games in recent history.

"Here in Spain it is different. We are near the bottom, at the bottom of an economic crisis. With little further investment we would be able to generate a significant economic growth.

Economic growth – it’s not just about growth, it’s about sentiment and what this country needs very much at this stage is sentiment and the boost to morale this might have.

"We believe it would be extraordinary. I believe that is the pill, one of the medicines we need at this stage," he said.

Written and reported in Madrid byEd Hula

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