Mitt Romney set to give tips on 2024 bid [View all]

http://www.bostonherald.com/news_opinion/local_coverage/2015/05/mitt_romney_set_to_give_tips_on_2024_bid

Mitt Romney set to give tips on 2024 bid
Jack Encarnacao
Monday, May 18, 2015

Former Gov. Mitt Romney, credited with saving the 2002 Winter Olympics, said he is ready to offer help to the Boston 2024 Summer Olympics bid, but had little to say about what the beleaguered bid needs.

~snip~

Romney has served as unpaid adviser in the past to Boston 2024, which is reportedly funded in large part by executives at Bain Capital, which Romney helped found in 1984.

“Governor Romney has provided valuable insight and advice to Boston 2024 and we welcome his input as we continue to build our bid to bring the Games to Boston,” Boston 2024 Vice President Erin Murphy Rafferty said in a statement.

With Boston’s bid suffering in the polls, and Boston 2024 undergoing a leadership reshuffling, Richard Pound, a veteran member of the International Olympic Committee, told the Herald last week the bid needs a “magnetic leader” like Romney to boost public confidence.

--

Correct me if I'm wrong, but I'm under the impression but I'm pretty sure that all cities hosting the Olympics end up holding the (monetary) bag after the Games are gone. Look at the 2012 summer Olympics in London:

http://en.wikipedia.org/wiki/2012_Summer_Olympics

Financing

The costs of mounting the Games are separate from those for building the venues and infrastructure, and redeveloping the land for the Olympic Park. While the Games are privately funded, the venues and Park costs are met largely by public money.

The original budget for the Games was £2.4 billion ($3.94 billion USD), but this was increased almost fourfold to about £9.3 billion ($15.28 billion USD) in 2007.[75] The revised figures were announced to the House of Commons on 15 March 2007 by Tessa Jowell. Along with East End regeneration costs, the breakdown was:

Building the venues and infrastructure — £5.3 billion.
Elite sport and Paralympic funding — £400 million.
Security and policing — £600 million.
Regeneration of the Lower Lea Valley — £1.7 billion.
Contingency fund — £2.7 billion.