New Games funding deal reached
Agreement comes hours before council votes on abandoning bid
In the 11th hour, a funding proposal was reached between the federal and provincial governments for a 2026 Olympic bid.
The proposal, announced late Tuesday night, would see a revised Games concept with a total public funding request of $2.875 billion in 2018 dollars that could save the city ’s potential bid that was facing a Wednesday vote on abandoning pursuit of the Games.
The City of Calgary would contribute $370 million in cash, along with $150 million in preauthorized Victoria Park and Stampede access improvements, in conjunction with the Alberta government. An insurance redemption amount of $200 million, which covers a defined contingency, would also be included.
The province’s contribution of $700 million in cash would remain the same, while the federal government would provide $1.423 billion, matching the financial commitments to core event costs by the provincial government, City of Calgary and Town of Canmore. Ottawa would also supply $30 million in leveraging initiatives identified in the hosting plan.
“This is a proposal that makes sense and is a good deal for Calgarians. I’m confident we and our government partners can agree to move forward and reach an agreement in principle,” Scott Hutcheson, board chair for the 2026 Calgary bid corporation, said in a statement.
“I know city council understands how important this is to Calgary, that they know what’s at stake here, and that they will show their strong leadership and allow Calgarians to decide the outcome of the Olympic and Paralympic bid at a plebiscite November 13.”
Earlier Tuesday, Mayor Naheed Nenshi says he remains “optimistic” a cost-sharing deal could be struck to fund the 2026 Winter Games, even as council appeared poised to finally abandon Calgary ’s bid Wednesday.
After almost four hours of closeddoor discussions Tuesday, the city’s Olympic committee agreed unanimously to refer a proposal to terminate the Olympic project to Wednesday’s meeting of strategic council — effectively granting the bid a 24-hour stay of execution.
“At this stage we do not have acceptable funding agreements in place with the other orders of government,” said committee chair Coun. Evan Woolley, who brought forward the proposal Tuesday.
“The clock has run out and I think it’s time that we move on. It’s not as if council doesn’t have an abundance of other issues to deal with.”
The proposal — which includes provisions to cancel the plebiscite and dissolve the bid corporation — comes after a few days of feverish negotiations to reach a cost-sharing deal to fund the Games.
But with negotiations expected to continue late into the night for a second day this week, Nenshi hinted there was still a chance the bid could be salvaged. “In the CFL, you often get that last field goal in the very last second going through the uprights,” he said. “I remain optimistic that something is possible here.”
But regardless of the outcome of any last-minute negotiations, city council is set to decide Wednesday if Calgary’s bid will survive until the plebiscite.
Wednesday’s vote is considered a “reconsideration” of a council decision, therefore legislation requires it receive more than a simple majority of votes to pass.
At least 10 votes will be needed to terminate the bid, cancel the plebiscite and dissolve the bid corporation.