ATS are global leaders in altitude training and research. From mask systems and inflatable tents to simulated altitude facilities, we help all athletes gain the competitive edge. Our…read more
Rising costs lead Pyeongchang 2018 organisers to ask South Korean Government for more funding
Facing ballooning costs in its organisation of the 2016 Winter Olympic and Paralympic Games, the organisers of the Pyeongchang 2018 Games has reportedly asked for more funding from the South Korean Government
With the Games’ budget rising from its estimated original cost of KR₩2.2 trillion (US $1.9 billion), the Pyeongchang Olympics Organising Committee wants another KR₩600 billion US$518 million) from the Government, according to South Korean newspaper Chosun Ilbo.
The present budget is said to be based on the 2011 winning bid for the Winter Olympic and Paralympic Games and does not include added costs involving new disciplines and other variables.
A Pyeongchang 2018 spokesman told Chosun Ilbo “we have not made any decisions about the specific amount, but our new fiscal plan includes requests to the International Olympic Committee for more funding.”
The International Olympic Committee (IOC) is also anticipating a request for additional funding from Pyeongchang 2018, advising that it "always stands ready, along with other Olympic stakeholders, to consider ways to optimise the Games' budget".
In a statement the IOC advised “in keeping with Olympic Agenda 2020, the IOC works with Pyeongchang 2018 on a continuous basis to reduce the cost and complexity of Games organisation,
and will contribute directly and indirectly US$850 million to the successful staging of the Games.”
Last month, new Pyeongchang 2018 President Lee Hee-beom promised to organise a successful Winter Games, despite the financial, timing and leadership problems that have plagued preparations so far.
Lee, who replaced Cho Yang-ho as head of the Organising Committee at the beginning of May, was speaking following a meeting with IOC Coordination Commission chair Gunilla Lindberg in Seoul.
He admitted that time is running out with less than two years until the Opening Ceremony but claimed they are resolving outstanding problems with venue construction.
Lee has also said increasing sponsorship revenue is a key goal ahead of the next Winter Olympic Games.
The Organising Committee’s aim is to reach 90% of their sponsorship of KR₩870 billion (US$752 million) target by the end of this year.
A senior official at South Korea’s Ministry of Culture, Sports and Tourism told Chosun Ilbo, “our goal to host the Olympics at minimum expense remains unchanged, but budget increases are not uncommon and will be focused on the construction of sports venues.”
17th December 2015 - PYEONGCHANG WINTER GAMES ASSURE READINESS FOR OLYMPIC TEST EVENTS
24th November 2015 - PYEONGCHANG 2018 WINTER OLYMPICS ANNOUNCES TICKETING PARTNER
12th September 2013 - KOREAN GOVERNMENT REVEALS PLANS TO ADD 40,000 SPORT INDUSTRY JOBS
Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?
The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.
However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.
Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.
Subscriptions cost just $90 a year.
Click here to subscribe.
The Complete Guide to Leisure Industry Products & Services.
PathMinder Pty Ltd have partnered with AllUser Industries srl to bring Europe’s most advanced high security portals to the Australian and New Zealand markets. AllUser Industries started to…read more
About Priava's Technology - Priava is a cloud-based and centralised venue and event management system aimed at venues of all sizes. With its familiar and easy-to-use web interface, the…read more
Principal Consultant Simon Weatherill has spent the last 20 years developing the world renowned Melbourne Sports Hub, as former Chief Executive Officer of the State Sports Centres Trust…read more
SLE Worldwide Australia is a Managing General Underwriter specialising in insuring risks in the world of Sports, Leisure and Entertainment. Be it relaxing, playing, organising or watching sports,…read more
Pricemark supplies a wide range of custom branded membership & RFID access products for the Health & Leisure Industry.read more
Yellowbox is an Australian technology company that has developed smart locker technology operated through an app with a focus on experience for users and facility managers. Found at Beaches, Aquatic…read more
Tim Batt Water Solutions are at the very forefront of the commercial aquatic business in Australia, with over 30 years specific experience supplying and installing chemical control and dosing…read more
get listed with our suppliers directory
Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!