Hosting Olympics isn’t draw it used to be

From Athens to Sochi and on to Rio, stadiums and arenas in varying stages of decay are symbols of the crisis facing the International Olympic Committee.

Budapest’s decision on Wednesday to withdraw its bid for the 2024 Summer Games leaves just two cities — Los Angeles and Paris — competing to play host to sport’s biggest event.

The decision by the Hungarian capital came after thousands signed a petition urging local authorities not to pursue what would be a multibillion-dollar project. Perhaps mindful of the wastelands that now mark sites of previous games, local politicians and bid leaders met and backed down.

The Olympic movement “is at a crossroads which many would describe as the biggest crisis” since the Salt Lake City cash-for-votes scandal that threatened to topple the organization two decades ago, said Tim Crow, chief executive officer of London-based sports sponsorship agency Synergy.

Just six months after Rio’s $20-billion games ended, several of the expensively built venues are struggling to find new occupants. Some are falling into disrepair.

Los Angeles, which played host to the games in 1984, only entered the race after Boston pulled its bid following concern that local taxpayers would end up footing the bill. The German city of Hamburg also withdrew following a poll of its citizens. Rome Mayor Virginia Raggi scrapped its plans upon being voted into office, saying the games “will bring only debt.”

Hungarian officials decided to withdraw from the race before a referendum could be held.

The IOC has pointed out the changes its events can bring to cities, usually citing the effect on 1992 host Barcelona, which regenerated its waterfront. But it should also claim ownership of the failures it leaves, said Synergy’s Crow. The Rio Games still owe service providers millions of dollars.