(ATR) The Hamburg Court of Auditors released a report detailing possible financial risks if the city goes through with its 2024 Olympic bid.
The 55-page report was released on Thursday and could lead to an increase in opposition to the bid.
The court found that "the result, taking into account all risks, could lead to a significant imbalance" for the city of Hamburg.
The city of Hamburg is holding a referendum where citizens will vote and demonstrate their support – or lack thereof – for the bid on November 29.
Hamburg’s bid team will release an initial cost estimate for the Games in mid-September. The first concern of the Court of Auditors is the lack of time between the release of the cost projections and the referendum, which will inhibit public debate.
The only cost projection that currently exists is an estimated 2.09 billion euros for venue development. The Court of Auditors says this number is potentially smaller than it should be given the city’s lack of an Olympic stadium and aquatics center.
Auditors also issued concern regarding the speed with which regional politicians agreed to hold a legally-binding referendum to vote on the bid. If citizens are in favor of the bid, the city will be legally and financially responsible for its execution.
Lastly, the court is concerned about the terms included in the host city contract that Hamburg officials would have to sign, making the city financially liable for any cost overruns during the Games.
Opposition to the Hamburg bid will likely utilize the report as they begin their campaign to vote no during the referendum. However, bid leaders could take the opportunity to open communication about the bid and resolve any issues brought up in the report.
Written by Kevin Nutley
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