Almost a year after the conclusion of the World Championships in Rome, a settlement has been reached over 8.6 million euros of disputed debts left by the organizing committee. Yesterday, the Roma09 Board approved the final accounts, confirming the debt and triggering a process of settlement of creditors. Some of those creditors include FINA partners, while the international federation, courtesy of its contract with Rome, is not responsible for any of the debt piled up on its five-Olympic-sport showcase event.
Specifically, 3.5 million had already been paid by the Municipality of Rome and Federnuoto, the Italian swimming federation. The remaining 5.1 million euros will be paid half by the City and half by Federnuoto. Is the matter closed? No, is the answer in Gazzetta dello Sport. The remaining question is over the greater sum of 12 million euros owed to creditors and on loans used to build three pools for the championships.
The Italian sports paper puts it down to this: between the City of Rome and the Italian federation, which party will pay what amount of that 12 million euros still owed to creditors?
The case highlights a need to reconsider the way FINA enters into contract with bidding cities if the international federation is to avoid two things:
1. Being tainted by association with what now must be considered to have been a dubious financial plan for the championships; and 2. A situation in which potential hosts of FINA events shy away from aquatic sports in the belief that, at a time of financial squeeze and austerity, the water is too financially hot to contemplate dipping a toe in, especially when debts the size of those in Rome crop up with no obligation on FINA to help bail the bidder out.
The situation is not uncommon in international sport, even where money may not be quite as tight. South Africa's World Cup soccer hosting was helped out of a hole at the 11th hour by a contribution of some $100 million from FIFA to ensure that infrastructure was ready to standard and on time.
