The battle to host the 2020 Olympic Games was reduced to five combatants last week as Rome was forced to drop its bid after having failed to secure the support of the Italian government. The news had been widely expected as Italy continues to grapple with the effects of the European economic crisis. Prime Minister Mario Monti announced that it would be irresponsible for the government to provide the financial guarantees necessary for the IOC to consider the bid.
Rome’s Olympic project came with an estimated price tag of US$12.5 billion and taxpayer money would have been utilised to cover any deficit. Pescante, one of the most influential figures in Italian sports business, said that Monti’s late snub of the bid made his position untenable. The 73-year-old had led Rome’s campaign and will remain as IOC member for Italy, but not a vice-president of the global governing body.
“I feel a bit embarrassed to be representing a country which has thrown in the towel early,” he said, according to Reuters. “Monti's decision was accepted with due respect but... I must say my position in the IOC Executive is no longer compatible with my role.”
Rome’s exit came a day before the deadline for formal submission of bid files to the IOC. Baku, Doha, Istanbul, Madrid and Tokyo remain in contention with the IOC due to vote on the host city in September 2013.
