Utah Olympic Legacy Foundation Struggles Financially as 2002 Olympic Venues Face Increasing Deficit
– Utah Olympic Park and other 2002 Olympic venues have always operated at a deficit, which is now growing.
– The Utah Olympic Legacy Foundation is seeking help as their Legacy Fund, valued at $46 million, is being drained at a faster rate due to economic pressures.
The Utah Olympic Legacy Foundation, responsible for managing the state’s Olympic venues from the 2002 Winter Games, is facing financial struggles. These venues have historically operated at a deficit, but the deficit is now increasing. In a plea before the Summit County Council for the renewal of the Utah Olympic Park’s contract, Colin Hilton, the foundation’s president and CEO, expressed their need for assistance.
The foundation relies on its Legacy Fund, which is currently valued at $46 million, to subsidize the losses incurred by the venues. However, economic pressures in recent years have caused the fund to drain at a faster rate than anticipated. As a result, the foundation is seeking additional support to ensure the sustainability of Utah’s old Olympic venues.
This article was originally published on www.sltrib.com and is part of the Utah News Collaborative’s effort to inform readers across the state.