Hungary further boosts Olympic bid spending

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Budapest 2024 Nonprofit Zrt., the company responsible for organizing Hungaryʼs bid for the 2024 Summer Olympics, has raised expenditure for professional consulting activities aiding the bid by HUF 1.4 billion, according to news portal index.hu. Overall expenditures for the bid have steadily risen over the initial target.

Initially, the non-profit company - a state-owned concern co-founded by Budapest City Council and the Hungarian Olympic Committee - was set to spend HUF 5.155 bln on consulting, which was then raised by HUF 607.4 million, and now stands at HUF 7.254 bln, according to a recent announcement published in the European Union’s official journal, index.hu reported. The portal noted that this is an almost 40% increase compared to the initial figure.

The raise was needed due to “unforeseen requirements,” the explanation in the announcement says, according to index.hu. Consulting activities are carried out by a consortium of M-Integrated Solutions, PricewaterhouseCoopers Hungary and Lagardère Sports Geneva SA.

Hungary has lately been pumping more and more money into Budapest’s bid to host the 2024 Summer Olympics. Currently the Hungarian capital is competing against Los Angeles and Paris, after Rome and Hamburg decided to withdraw their bids, the latter after a referendum. Although there were initiatives in Hungary to hold a referendum on the matter, these were not approved by the National Election Commission.

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