Organisers of the Milano Cortina 2026 Winter Olympics are facing a €310 million ($335 million) deficit, as the International Olympic Committee (IOC) has refused to provide additional financial support, stating that responsibility lies solely with the local organising committee.
Accorting to insidethegames.biz; initially promoted as a sustainable and cost-neutral project, the Games have significantly exceeded their original budget. Costs have risen from €1.4 billion to €1.7 billion, while revenues have fallen short. The deficit is driven by more than €230 million in additional expenses—largely linked to construction delays and infrastructure challenges, including the Santa Giulia Arena—as well as around €80 million in missing income from sponsorships, broadcasting deals and ticket sales.
Although the Olympic Games concluded in February and the Paralympics followed in March, the financial situation has only recently become fully clear. Under the Joint Marketing Programme Agreement, the shortfall will be covered by stakeholders of the Fondazione Milano Cortina 2026, including the Italian government, regional authorities and host cities.
According to the 2019 host guarantee, the Italian state is expected to cover half of the deficit, with the remaining amount split among regional and local entities. Lombardy and the city of Milan are likely to contribute around €80 million, while Veneto’s share is estimated between €26 million and €40 million. The autonomous provinces of Trento and Bolzano will also contribute.
Representatives from the organising committee travelled to Lausanne seeking reassurance from the IOC, but were met with a firm response. The IOC stated it has already contributed more than agreed, citing a total commitment of $925 million under the Host City Contract, including €625 million in additional support through cash and services.
The financial strain has also led to unpaid obligations. The Italian National Olympic Committee (CONI) and the Italian Paralympic Committee (CIP) are seeking a combined €53 million, tied to commercial and marketing agreements. However, the organising committee has acknowledged it currently lacks the funds to settle these debts.
CONI President Luciano Buonfiglio warned that if payments are not made by the end of the year, guarantors—including the government and local authorities—will be required to step in. CIP President Marco Giunio De Sanctis added that while the government has pledged support, no clear timeline has been provided.
The situation stems in part from a 2019 agreement in which CONI and CIP gave up their independent marketing rights in exchange for a share of revenues, which has yet to materialise.
Both organisations are now adjusting financially. CONI has delayed approval of its 2025 budget, while CIP has already reduced its assets in anticipation of state aid. Budget cuts are expected.
There is also uncertainty over an additional €14 million in government funding typically allocated for Olympic and Paralympic teams and medal bonuses. While athletes received tax-free bonuses for their performances, officials warn that funding for such incentives is already under pressure.
Despite strong sporting results, the Milano Cortina 2026 project highlights ongoing concerns over the financial sustainability of major sporting events, with public funds once again expected to cover the gap.