Back in 1975, Mayor Drapeau said "The Olympics could no more lose money than I could have a baby." Up to about a year ago, the taxpayers in Montreal were still paying to reduce the debt accumulated by sponsoring the event.
Well I don't know about males having babies, but in today's society it could well be possible however!
A month ago the Toronto Olympic Bid Committee said "the Olympic Games will pay for themselves and show a profit." At the same time, the Government of Ontario pledged to cover any losses "if Toronto gets the Games."
Recent news reports tell us that Mayor Owen, Mayor O'Reilly et. al. "are off to Switzerland to help sell the Vancouver-Whistler 2010 Olympic bid."
I read from published reports that the local (Vancouver-Whistler) Olympic Committee stated "there will be no cost/burden to taxpayers in this area." Pardon me, but anyone can have an opinion, but is it informed?
Residents (including the writer, who is somewhat upset at the cost of sewer services in Emerald) should, I suggest, note that according to a mutual fund newsletter, the Sydney, Australia Olympic Committee "anticipated a profit from the 2000 Olympic Games of sixty million dollars ($60,000,000)." Upon completion of the Games, "the actual loss was $1.5 billion." That relates to about $750 debt for every man, woman and child in the Lower Mainland/Whistler area.
Finally, the World Bank and Harvard University inform us that "the Australian people will face a new sales tax for the next 10 years to pay off the Olympic debt."