This is how the International Olympic Committee works. They suck up all the money, and leave the host city with the bill.
I remember the IOC howling at how badly Atlanta had managed the Olympics financially. What did Atlanta do wrong? They arranged it so the the city of Atlanta broke even on the games (which reduced the amount of money the IOC received).
Atlanta, as far as I know, is the only host in recent memory that didn’t end up deep in debt after the games left town. And, it’s the only host city the IOC has criticized for financial mismanagement.
The IOC, at this point in time, is a money making scam.
Not exactly. Vancouver ended up with a balanced budget and the IOC didn’t say ‘boo’.