Hungary further boosts Olympic bid spending
pixabay
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.
ADVERTISEMENT
Hungary PMI Edges up to 47.4 in September
Ukraine Suspends OTP Status on 'Sponsors of War' List
Karikó and Weissman Receive 2023 Nobel Prize in Medicine
Pálinka Added to EU-Japan Geographical Indication Deal
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
