IOC rejects footing Milano Cortina 2026 bill

Italian organisers are facing a deficit of €310 million($335 million) due to rising costs and missed revenue targets, yet he International Olympic Committee has ruled out providing additional support, stating that the local organising committee is solely responsible.

The project was sold as a sustainable, cost-neutral Games. That narrative has not held: The budget has grown from €1.4 billion ($1.51 billion) to €1.7 billion ($1.84 billion), and the final accountsshow a shortfall despite Italy’s 30-medal haul. Much of the pressure comes from two directions: On one side, more than €230 million ($249 million) in additional costs, largely tied to construction delays and infrastructure issues - the SantaGiulia Arena among them; on the other, around €80 million ($87 million) in missing revenue from sponsorships, broadcast deals and ticket sales.  

The Winter Olympic Games themselves wrapped up in February, with the Paralympics following in March, but the financial picture has only become clearer since. The deficit remains - and the IOC's position has not shifted. Under the Joint Marketing Programme Agreement, the shortfall will be covered by the stakeholders of the Fondazione Milano Cortina 2026: the Italian state, the regions of Veneto and Lombardy, the autonomous provinces of Trento and Bolzano, and the municipalities of Milan and Cortina.  

The 2019 host guarantee sets out how that burden is shared. Rome is expected to cover half, with the rest split between regional and local authorities. Lombardy - including Milan - will carry half of that second portion, while the Dolomites area takes the remainder, divided between Veneto, Cortina, Trento (40%) and Bolzano (10%). In practical terms, Lombardy and Milan are likely to contribute around €80 million ($87 million), while Veneto’s share is expected to fall between €26 million ($28 million) and €40 million ($43 million). Trento and Bolzano will also be required to step in.

Representatives from the Fondazione Milano Cortina 2026 (MiCo) travelled to Lausanne in the hope of receiving some reassurance from the International Olympic Committee. The response was blunt: "We have already contributed significantly more than agreed," a IOC spokesperson said, as reported by Italian media outlets such as La Notizia. "Responsibility for the operational budget of the Games lies with the Milano Cortina 2026 organising committee."  

The IOC points to a total contribution of $925 million already committed under the 'Host City Contract', including direct support for the organising budget. That figure also includes €625 million ($677 million) in additional cash and services provided to help deliver the Games. It insists the wider Olympic movement - national committees, federations, sponsors and broadcasters - has already offered unprecedented backing, particularly given the multi-location model of these Games. Even so, the outcome is a familiar one: sporting success on the surface, financial strain underneath - and, ultimately, public money filling the gap.  

The IOC has repeated that responsibility sits with the organisers, whose financial position is now under review. At the centre of the problem is the failure of the much-promoted 'zero cost' model, which relied heavily on commercial income streams that have not delivered. Stakeholders are now demanding clarity. The foundation has been asked to account for €164 million ($178 million) in direct costs linked to venue delays, staffing and changes to the masterplan, as well as €102 million ($110 million) tied to energy and telecommunications infrastructure.

Pressure is also coming from unpaid bills. The Italian National Olympic Committee and the Italian Paralympic Committee have formally requested €53 million ($57 million). Of that, CONI is seeking around €48 million ($52 million) for commercial rights, while CIP is claiming €5.4 million ($5.8 million) linked to Paralympic marketing. The foundation has acknowledged it does not currently have the funds.

CONI President Luciano Buonfiglio and CIP President Marco Giunio De Sanctis did not soften the message when speaking in Rome on 21 April. "CONI is the creditor and the Fondazione Milano Cortina 2026 (MiCo) is the debtor," Buonfiglio said, warning that guarantors - including the state and local authorities - will be called on if payment is not made by 31 December.  

The dispute traces back to a 2019 agreement under which CONI and CIP suspended their own marketing activity, handing exclusivity to the organising committee in return for a share of revenues. That return has yet to arrive. "MiCo does not have the resources to settle this debt," De Sanctis said, adding that the government has pledged to step in, though without a clear timeline.  

In the meantime, both bodies are adjusting. CONI has delayed approval of its 2025 budget, while CIP has already reduced its net assets in anticipation of state support. Cuts now look inevitable. "The loss is significant, but understandable," Buonfiglio said. "We need to be more efficient. We cannot keep expanding - we have to manage what we already have."

There is also uncertainty over a further €14 million ($15 million) in government contributions usually allocated to support Olympic and Paralympic teams and medal bonuses. For the first time, those bonuses were tax-free: €180,000 ($195,000) and €100,000 ($108,000) for Olympic and Paralympic gold, €90,000 ($97,000) and €55,000 ($59,000) for silver, and €60,000 ($65,000) and €35,000 ($38,000) for bronze.  

"We delivered outstanding Olympic and Paralympic Games, but this is the first time there has been no direct government funding for these events," De Sanctis said. "We cannot reduce funding for medals - it is already tight."  

Buonfiglio also pointed to SportsMinister Andrea Abodi, noting that support has largely been directed towards the organising committee. "I was always told: ‘We are already supporting Milano Cortina.’ I hope the necessary resources will still be found," he said.