Former Mayor Rob Ford is speaking out against a possible Toronto Olympic bid.
Ford says “I Cannot emphasize enough how bad of an idea this is.” he says ” there were multiple instances of cost overruns with the games we just hosted, and we still don’t have the final price tag yet.” He says “Corporations will look at putting money into the Olympics as exactly what it is, and what John Tory should realize it is “a bottomless black hole.”
Ford also says “We also don’t know whether all these brand new facilities, built with billions of hard earned taxpayer dollars, will even meet Olympic standards.”
The full text of Ford’s letter can be read below:
There has been much talk since the end of the Pam Am/ParaPan Am games that Toronto should put its name forward to host the Olympics.
I cannot emphasize enough how bad of an idea this is.
There were multiple instances of cost overruns with the Games we just hosted, and we still don’t have the final price tag yet.
We also don’t know whether all these brand new facilities, built with billions of hard earned taxpayer dollars, will even meet Olympic standards.
In January 2014, the City Manager and City staff put forward a detailed report with the steps necessary to properly consider an Olympic bid, complete with timeline, to the Economic Development Committee.
This timeline started in Spring/Summer 2014, with a total of 6 steps taking place before September 2015. The Chair of that Committee, Councillor Thompson, moved that consideration of the item be deferred indefinitely.
Trying to speed through the process now, and even considering a letter for a bid a year and a half behind schedule, is going against the recommendations of Staff and the Committee Chair, whom John Tory reappointed because of his great work in building business opportunities in our City.
one thing, and it may very well be possible to have that cost fully funded by private The Canadian Olympic Committee is independently funded, so putting forward the deposit with a letter of interest is sponsors.
However, there is no way any private company worth their salt is going to put their name at the bottom of a contract with so many questions, and cost overruns a near certainty. The taxpayers have already paid their share, whether funding comes from the Federal, Provincial, or Municipal level, it’s all the same pocket.
Let’s give the organizers and their respective vendors the benefit of the doubt. Maybe they can find enough corporate partners willing to chip in for the Olympics, and keep it on budget.
The Toronto Pan Am/ParaPan Am games are currently being pegged at over $2.5 billion.
Major corporations such as Coca Cola, Visa, and McDonald’s each paid in the range of $100 million just to be sponsors for the Olympics. You would need to find 25 corporations willing to put that kind of money forward to pay for a comparable Games to what we just had. The IOC only found 11 for the 2012 Olympics, for what is considered a major marketing opportunity with their logos all over the media, and the ability to use the Olympic Logo.
Putting money into the capital construction projects would have none of those benefits. Corporations will look at putting money into the Olympics as exactly what it is, and what John Tory should realize it is – a bottomless black hole.