POSTED: November 29th 2011

Madrid 2020 dramatically cuts bid budget by 40 percent

Alejandro Blanco, COE president and head of the 2020 bid / Madrid 2020
Alejandro Blanco, COE president and head of the 2020 bid / Madrid 2020

LAURA WALDEN / Sports Features Communications

TAMPA: Today the Spanish Olympic Committee (COE) spoke out to the national press that they plan to cut their budget by 40 percent.

The COE didn't reveal actualy figures for the new budget but they plan to shave off 30 to 40 percent off the previously planned $50.4 million projection, knocking it down to between $30-35 million.

Spain and Italy have booth been experiencing financial crises and the Italian leadership of Rome 2020 has also expressed that they will be running a plan to host Games on a "human scale" with a modest budget.

Despite the financial situation both cities are using the bid as a springboard to jump start the economy should they win.

Alejandro Blanco, COE president and head of the bid, said in the Spanish press: "We will only be spending money in presenting our candidacy.

"We need the Games, with the political and economic situation the country is living at the moment, we need a project to unite us all. The Games mean a lot for every country, but they mean more for Spain. If we want the games, we have to believe that we are going to be chosen and we have to work for them."

Madrid and Rome are competing against Baku, Doha, Istanbul, Tokyo for the chance to host the 2020 summer Games. The final decision will be taken in 2013 at the IOC session in Buenos Aires.

Keywords · Madrid 2020 · Spanish Olympic Committee · Alejandro Blanco · Olympic bidding

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