As a property manager for Gramatan Management, Inc., Ana Docoito-Nelson oversees a range of daily operations, including managing property improvements and maintaining regular communication with key stakeholders. Outside of her professional life, Ana Docoito-Nelson is not a very big sports fan but does enjoy watching major events like the Olympics.
In early March, Budapest rescinded its bid to host the 2024 Summer Olympics, leaving only Paris and Los Angeles as the potential hosts. An official for the Budapest 2024 bid said the city was removing itself from consideration due to insufficient political support. The decision follows hundreds of thousands of Hungarians signing a petition demanding the city not host the games.
According to Miklós Hajnal, who helped organize the petition, one of the main concerns was cost, which many Hungarians feared would be exorbitant. Hungary is not the first country to back out over financial concerns, as Boston, Rome, and Hamburg previously rescinded bids.
The concerns are not unfounded. Researchers from Oxford University’s Saïd Business School estimated that the 2016 Summer Olympics in Rio de Janeiro ended up costing the city $1.6 billion. Perhaps even more tellingly, the 1976 summer host, Montreal, went into $1.5 billion worth of debt that took 30 years to pay off.
In early March, Budapest rescinded its bid to host the 2024 Summer Olympics, leaving only Paris and Los Angeles as the potential hosts. An official for the Budapest 2024 bid said the city was removing itself from consideration due to insufficient political support. The decision follows hundreds of thousands of Hungarians signing a petition demanding the city not host the games.
According to Miklós Hajnal, who helped organize the petition, one of the main concerns was cost, which many Hungarians feared would be exorbitant. Hungary is not the first country to back out over financial concerns, as Boston, Rome, and Hamburg previously rescinded bids.
The concerns are not unfounded. Researchers from Oxford University’s Saïd Business School estimated that the 2016 Summer Olympics in Rio de Janeiro ended up costing the city $1.6 billion. Perhaps even more tellingly, the 1976 summer host, Montreal, went into $1.5 billion worth of debt that took 30 years to pay off.
