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The International Olympic Committee (IOC) has no interest in helping the city of Rio de Janeiro clear a debt of roughly $35-40 million from last year’s Olympic games.
Per the Associated Press (via Sports Illustrated), the organisation’s executive board made the decision after a meeting in Switzerland on Sunday. In a statement, the IOC pointed at the “record” $1.53 billion contributions that were already made.
Per the report, host cities and countries are contractually obligated to pay Olympic debts. In the case of Rio, the nation of Brazil could struggle to help, with the country caught in a major recession.
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In February, the AP (via the New York Post) took a look at the financia…
Read the full article at: http://bleacherreport.com/articles/2720820-ioc-wont-help-with-estimated-35-40-million-debt-from-2016-rio-olympics