COLORADO SPRINGS — Despite challenges presented by the recession that required dozens of layoffs and a 13 percent cut in this year’s budget, the U.S. Olympic Committee will significantly increase funding for winter sports going into the 2010 Vancouver Games.
After participating in her first quarterly board meeting since becoming acting chief executive in March, Stephanie Streeter announced Friday that winter sports would receive $1.4 million more this year than what was previously budgeted.
The USOC will spend $16.5 million on winter sports in the run-up to Vancouver, compared with the $11.1 million it spent over the year leading up to the 2006 Turin Games. For the four-year period preceding the 2010 Games, the USOC will spend $58.2 million on winter sports, compared with the $37.5 million it spent over the four years leading up to Turin.
“What I am most pleased about, despite the economic environment, despite what we’ve had to do in cutbacks, (is that) we’ve been able to increase our funding to our athletes,” Streeter said. “It really demonstrates our commitment to athletes first.”
The USOC trimmed $7.1 million from this year’s budget and cut 54 jobs. It lost two major sponsors — GM and Home Depot — and is negotiating with Bank of America to keep it from bolting as well.
“We’re still working with Bank of America to put together a solution that works for everybody,” said Streeter, who became acting CEO after Jim Scherr resigned unexpectedly March 5.
“The economic environment is the worst environment, depending on who you listen to, in 40 to 70 years,” said Streeter, who moved to Colorado Springs from her home in Wisconsin in recent weeks. “It’s unprecedented in terms of fundraising and the type of effort that’s required to make the sponsorship deals happen — and licensing deals as well. We just keep plugging away, making sure we represent our brand.”
The USOC was released from a lawsuit this week involving LandCo Equity Partners and the city of Colorado Springs over a $53 million deal to keep the USOC headquartered there. Board members were briefed on the status of the deadlocked negotiation.
“The city and LandCo have to resolve their disputes,” Streeter said. “We’re hopeful that they do. We would like to remain in the Springs, but we will obviously look at all options.”
Contrary to the hopes of some in Denver, Streeter reiterated that the USOC will not bid for the 2018 Winter Olympics, even if Chicago fails to win the 2016 Summer Games later this year. Bids for 2018 must be filed by next February, and the USOC has consistently said it would not make one, having focused its efforts on the Chicago bid.
“That will not change,” Streeter said. “We don’t believe we could put something together that would be credible internationally by February.”
John Meyer: 303-954-1616 or jmeyer@denverpost.com
