Tuesday, September 17, 2002
SLOC plotting how to dole out Olympics profits
SALT LAKE CITY -- The Winter Olympics made $100 million, and the Salt Lake Organizing Committee is meeting to decide on how to spend the profits.
SLOC president Fraser Bullock revealed the final numbers Tuesday, and was to announce them formally at a meeting Wednesday.
The Utah Athletic Foundation stands to become the biggest beneficiary of the Olympic profits. The foundation was guaranteed at least $40 million from the games to run the Kearns speedskating oval and the Utah Olympic Park -- Park City's venue for ski jumping, bobsled, luge and skeleton. Now the foundation could receive $76.5 million.
However, Olympic organizers want the foundation to take over a third Olympic venue, Soldier Hollow, where cross-country ski races were held.
Bullock also will propose two Olympic plazas, one for $3.6 million built around the Olympic cauldron at the University of Utah and a $6.6 million downtown plaza featuring the retractable Hoberman Arch used to award Olympic medals.
Organizers already have doled out $11.5 million in furniture, appliances and equipment to charities and Utah schools. They left $4 million worth of sports equipment at Olympic venues, and plan to donate $9 million in unused telecommunications and Xerox credits to the U.S. Olympic Committee.
The 1984 Summer Olympics at Los Angeles holds the record for turning profits of $225 million.
Last April, Salt Lake organizers announced a tentative $56 million profit, a figure they adjusted upward by $16 million on Tuesday after settling most of their accounts. Then, Bullock added other donations and gifts organizers made or plan to make, figuring total profits at $100 million.