Nuzman & Co told that there is no more IOC money to pay off Rio 2016 debts
LAUSANNE: Brazilian Olympic directors have been told firmly by the International Olympic Committee that they mnust solve any financial problems left over from the Rio de Janeiro Games last year.
Carlos Nuzman, head of the Brazilian NOC and the Rio organising committee, had flown to Lausanne to plead for extra funds to meet $40m worth of debt hanging over them after the Olympics and Paralympics.
However the IOC said it had “closed all its obligations with the organising committee.”
The executive board said that it had already contributed a “record” $1.53bn towards the Games and said that “more detailed information” was required.
An IOC statement acknowledged “an exceptional effort to significant cost savings and additional financial undertakings by all the Olympic stakeholders, which amounted to hundreds of millions of dollars.”
** The IOC has said an independent drug-testing authority will be created for the 2018 Winter Olympics in Pyeongchang.
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