Italian organisers are facing a €310 million ($335 million) deficit driven by rising costs and weaker-than-expected revenues. The International Olympic Committee has ruled out any additional support, maintaining that responsibility lies entirely with the local organising committee.
The Games were initially promoted as sustainable and cost-neutral, but that claim has not held up. The budget has climbed from €1.4 billion ($1.51 billion) to €1.7 billion ($1.84 billion), and the final accounts still show a shortfall despite Italy securing 30 medals. Financial pressure stems from two main sources: more than €230 million ($249 million) in added costs—largely linked to construction delays and infrastructure challenges, including the Santa Giulia Arena—and roughly €80 million ($87 million) in lost revenue from sponsorships, broadcast deals, and ticket sales.
Although the Winter Olympics concluded in February, followed by the Paralympics in March, the full financial picture has only recently come into focus. The deficit persists, and the IOC’s stance remains unchanged. Under the Joint Marketing Programme Agreement, the gap will be covered by stakeholders in the Fondazione Milano Cortina 2026, including the Italian government, the regions of Veneto and Lombardy, the autonomous provinces of Trento and Bolzano, and the cities of Milan and Cortina.
According to the 2019 host guarantee, the Italian state is expected to cover half of the deficit, with the remainder divided among regional and local authorities. Lombardy—including Milan—will take on half of that second portion, while the Dolomites area will cover the rest, shared between Veneto, Cortina, Trento (40%), and Bolzano (10%). In practical terms, Lombardy and Milan are likely to contribute about €80 million ($87 million), while Veneto’s share is estimated at between €26 million ($28 million) and €40 million ($43 million). Trento and Bolzano will also be required to contribute.
Additional strain is coming from outstanding payments. The Italian National Olympic Committee (CONI) and the Italian Paralympic Committee (CIP) have formally requested a combined €53 million ($57 million). CONI is seeking roughly €48 million ($52 million) for commercial rights, while CIP is claiming €5.4 million ($5.8 million) tied to Paralympic marketing. The organising foundation has acknowledged it currently lacks the funds to meet these obligations.
Speaking in Rome on 21 April, CONI President Luciano Buonfiglio and CIP President Marco Giunio De Sanctis delivered a clear warning. “CONI is the creditor and Fondazione Milano Cortina 2026 (MiCo) is the debtor,” Buonfiglio said, adding that guarantors—including the state and local authorities—will be expected to step in if payment is not made by 31 December.
The dispute stems from a 2019 agreement in which CONI and CIP halted their own marketing activities, granting exclusive rights to the organising committee in exchange for a share of revenues—funds that have yet to materialise. “MiCo does not have the resources to settle this debt,” De Sanctis said, noting that the government has pledged support, though without a defined timeline.
In response, both organisations are already adjusting their finances. CONI has postponed approval of its 2025 budget, while CIP has reduced its net assets in anticipation of state assistance. Spending cuts now appear unavoidable. “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.”
