Milano Cortina 2026actuality
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The Board of Directors of the Foundation that leads the Italian Olympic Games met yesterday in Rome. Here is how the works are progressing.
Thursday 21 July 2022 3 minutes reading time
The Board of Directors of the Milano Cortina 2026 Foundation, which met on Wednesday in Rome at the Coni headquarters, also electronically, unanimously acknowledged the report presented by the Chief Executive Officer, Vincenzo Novari, on the management and economic results 2022.
The report highlighted how, also in the second quarter, the management of all areas is in line with the objectives. In particular, the commercial management focused on the implementation of the negotiations started, with the aim of signing additional contracts by 2022, in addition to the four already finalized and close to announcement. It is confirmed that the collection expected for the current year, despite the complexities of the economic context, will be equal to approximately half of the total target assigned to sponsorships over the entire life cycle of the Foundation.
With regard to the income statement, the net operating result for the first half of 2022 significantly reduces the level of the physiological loss expected in the budget. A result obtained thanks to constant cost control, all the more significant considering the particular nature of the business model of the organizing committees of events such as the Olympics and Paralympics, in which costs arise immediately while most of the revenues are competed in proximity of the event.
The Board also took note of the intense activity of the Foundation both in terms of the operations and programming of the Games, and on the institutional level marked, among other things, by the first cycle of meetings with the territories and by the success of the international presentation event, held on June 8th at the Ministry of Foreign Affairs.
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