Financial guarantees have been assured by Germany’s federal government and regional authorities to back the Munich 2018 Winter Olympics bid. The guarantees will form part of the official bid book which is required to submitted to the president of the International Olympic Committee (IOC) by January 11.
A total of 47 guarantees includes infrastructure projects as well as special marketing rights for the IOC. The Munich bid team is one of the favourites to win the vote on the host city in July of 2011 ahead of rivals Annecy, who received a major blow after the departure of chief executive Edgar Grospiron last week, and South Korea’s bid in PyeongChang.
Germany’s President, Christian Wulff, stated: “Sport possesses an enormous capacity for integration. Sport connects people and transcends cultural boundaries. Hosting the Winter Games would be a great honour and an opportunity for our country to welcome guests from all over the world.”