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Olympic village $130 million over budget: audit

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posted on Oct, 7 2009 @ 03:29 AM
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Olympic village $130 million over budget: audit


www.vancouversun.com

[L]ike all novices who enter into a complicated game they don't really understand, city hall and its staffers grossly underestimated the complexity of the business, overestimated their skills and turned out to be rank amateurs when things went sideways and those big Olympic village profits suddenly started looking like they might be massive losses.
(visit the link for the full news article)




posted on Oct, 7 2009 @ 03:29 AM
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The article is a bit convoluted and not very well written IMHO, but the bottom line is as follows:

Back in the boom days, Vancouver got in over its head with promised cash for for Vancouver's 2010 Winter Olympic Village (which the city later hoped to "flip" as condos and make a profit). Now times are grimmer. The project is at least $131 million over budget and the city my lose an even larger amount when the $1-billion project is (in theory) to be sold on the real estate market.

Could we see the world's first failed Olympics coming up next year?

www.vancouversun.com
(visit the link for the full news article)



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