Utah’s Olympic organizers have set a new funding goal of $300 million. That’s up from the $163 million the team laid out to the International Olympic Committee last July.
Vice chair for the Salt Lake City-Utah Committee for the Games Steve Starks said this week he was pleased with the $300 million goal.
“That is critical, because until 2028 we can't raise any commercial dollars, and so the donations really help allow us to get to work sooner. We're off to a good start on that,” he said.
A clause in Utah’s contract prevents organizers from seeking sponsorships until after the 2028 Summer Games in Los Angeles.
Starks said the team isn’t ready to announce how much has been raised to date. But he said many family foundations and institutions are interested in supporting the 2034 Games.
“They see the value in it. They see that it does unite people across the globe, and it gives Utah a chance to welcome the world here once more,” Starks said. “It’s an ambitious goal, but we are confident that we're well on our way, and we'll invite people to be part of this effort.”
Starks said the $300 million will help establish a “rainy day fund” that can get the Games through cycles in the economy and other unforeseen challenges. Surplus money would be rolled into the Utah Olympic Legacy Foundation, Starks said.
Organizing committee President and Executive Chair Fraser Bullock also reiterated that organizers had promised to avoid using taxes to fund the Games, which means donations are necessary.
“Our games are not supported by any state and local taxpayer money,” he said. “So having the donor community step forward allows us to do that.”
Bullock previously said the total cost of hosting the Games will be about $4 billion. That includes a $2.84 billion operating budget and $275 million to fund the upkeep of public Olympic venues.
He said the organizing committee plans to only use 1% of the total operating budget over the next three years, as he and many members of the team are volunteers.
The organizing committee is also planning for federal support. Bullock said the team has received 10 letters from the federal government guaranteeing it will fund certain aspects of the Games, including security.
