The figures are not yet final, but they already reflect a trend… one that is not favorable to the Milan-Cortina 2026 organizing committee. While the Olympic and Paralympic Games generally ran smoothly, the financial results are less encouraging. Despite 56 partnerships, these Games recorded the lowest sponsorship revenue for a Winter Olympics since Turin 2006. And the balance appears significantly skewed.
Construction projects that inflate the bill
According to estimates, the partnerships forged by Milan-Cortina 2026 have generated between 550 and 580 million euros for the organizing committee. This result corresponds to the announced objective. Nevertheless, the balance would be in deficit by approximately 310 million eurosThe overall result is hampered by rising costs, which have forced the organizing committee to spend approximately €230 million more. Delays in the construction of certain infrastructure projects are believed to be a major contributing factor.
Risks were taken, that's undeniable. Some 118 million euros were invested to renovate the Cortina ski slope, which hadn't been used for about ten years. This is more than the 81 million announced at the start of the project. The construction was encouraged by political authorities, for reasons of legacy. Until the beginning of 2024, however, there was talk of holding the events at an existing venue in Switzerland or Austria to reduce costs. And the IOC had clearly indicated that relocation was the most sensible option.
The cost of the Arena Santagiulia, delivered at the last minute, has also been a subject of debate. The construction was estimated at €177 million, but other figures have circulated. Internally, the builder Eventim reportedly mentioned a cost of €320 million, which has not been confirmed. The Court of Auditors has opened an investigation into the cost overrun of the arena and the public funding allocated to the project.
Are the state and local authorities forced to foot the bill?
At the same time, revenues were €80 million lower than projected. Delays in the construction of the Arena Santagiulia had consequences, as the venue couldn't accommodate as many spectators as anticipated: the promised 14.000 seats weren't met, and a maximum of 11.500 seats had to be settled. This was publicly lamented by Luc Tardif, president of the International Ice Hockey Federation. And considering that ice hockey is the most important sport in terms of ticket revenue… Another hiccup: the rapid disappearance of the mascots Tina and Milo from official stores, despite high demand. This inevitably resulted in lost revenue.
The organizing committee requested €100 million in aid from the IOC, which refused, arguing that it had already contributed sufficiently and that it was up to the organizing committee to assume its responsibilities. Pressure is mounting, and the hot potato is likely to fall back into the hands of the state, the regions, and the host cities. The Italian National Olympic Committee (CONI) and the Italian National Paralympic Committee (CIP) also reiterated on April 21 that they were awaiting the money promised by Milan-Cortina: €48 million for CONI and €5,4 million for CIP, in marketing royalties. In the meantime, both organizations are gritting their teeth, and CONI has postponed the approval of its budget by two months. The Games are over, but the battle is far from over for the organizing committee.
