Host City: The largest meeting of cities and sports, business and cultural events
  • Login
  • Get Newsletter

#####

  • Home
  • HOST CITY 2023
    • Event Information
    • 2023 Agenda
    • Speakers
    • Sponsors & Partners
    • 2023 Audio Archive
    • Post-Event Magazine
  • Past Events
    • HOST CITY 2022
      • Event Information
      • Agenda
      • Speakers
      • Post-Event Magazine
      • Host City 2022 Audio Playlist
    • HOST CITY 2021
      • Conference Recordings
  • Magazine
  • News
  • Contact Us

Event Bidding

You are here

Home
»
News
»
Almaty chasing private investment for Olympic Games bid

Almaty chasing private investment for Olympic Games bid

21st Oct, 2014 Posted In Event Bidding Posted By: Ben Avison comments
Tweet
Almaty is bidding against Beijing for the 2022 Olympic Games
Almaty is bidding against Beijing for the 2022 Olympic Games

Almaty would need to secure extensive private investment to fund the 2022 winter Olympic Games after Kazakhstan’s Ministry of Culture announced the state would only provide a third of the budget should the city defeat the opposing bid for the event from Beijing.

The Tengrinews website said Kazakhstan’s Vice-Minister of Culture and Sport, Tastanbekov Yesentai, cited the example of this year’s winter Olympics in Sochi, where the Russia authorities successfully implemented a mixed funding model and also pointed towards Tokyo’s projected revenues for the 2020 summer Olympics as arguments in favour of his government’s approach.

Yesentai said: “Russia has used a mixed model at the Olympics in Sochi. Their income made $10bn (€7.9bn). Japan has officially declared that it would be able to earn $30bn from hosting the Tokyo Summer Olympic Games in 2020.

“We also want to stick to the mixed model of financial management, in which the share of state involvement would be 33 per cent and the rest will be raised by investors. In that case we will be able to hold the Olympics in 2022 at a proper level.”

Concerns regarding state financing for hosting the 2022 winter Olympics have become a central theme of what is now a sparse bidding process.

Almaty and Beijing are the only two cities left in the running after Oslo withdrew from the race at the start of this month. The Norwegian government decided against providing the required financial support to host the multi-sport event due to prohibitive projected costs.

Oslo was the latest in a long line of cities to end a bid, following Stockholm in Sweden, Krakow in Poland and Lviv in Ukraine, while bids from St. Moritz in Switzerland and Munich in Germany were scrapped after public referendums.

Meanwhile, Kazakh Olympic Committee vice-president Pavel Novikov has rejected calls for Almaty to share Olympic hosting rights with Astana, acknowledging Olympic bidding rules that the Games must be awarded to a single city.

The International Olympic Committee will select the host city for the 2022 Games on July 31, 2015.

Related Topics: 2022 Winter Olympics Almaty IOC
Tweet

Search form

Twitter Feed

Tweets by @Host_City

Tag Cloud

Anti-doping Shanghai Entertainment Ireland Co-Creation Tottenham 2023 Pan American Games Good Governance Conventions AFL

Newsletter Signup

Signup to receive the latest Host City updates directly to your inbox 

Signup Now

Host City is committed to the principle of Fair Work

Cavendish Group International Ltd. © 2019, All rights reserved. 2nd Floor Front, 116-118 Chancery Lane, London WC2A 1PP, United Kingdom