Projected Olympic Legacy Funds with a continuing deficit from the Utah Olympic Oval
Purpose of Utah Athletic Foundation
Projecting Olympics Legacy Funds Return on Investment
Utah Athletic Foundation Mission Statement
Utah Athletic Foundation Implementation Strategies
Utah Athletic Foundation Projects and Programs
Joint Resolution HJR016 (2005) Related To The Utah Athletic Foundation
Absence Adequate of Figure Skating Program
2006 Olympic Gold Medalist Chad Hedrick is just one of many elite speed skaters who train at the Utah Olympic Oval.
Salt Lake City Winter Olympics
2002 Residual Funds
Is The Utah Athletic Foundation
Squandering The Olympic Legacy Money?
When the 2002 Winter Olympics concluded, the residual funds were transferred to the Utah Athletic Foundation to “manage and maintain Utah's Olympic legacy facilities and provide opportunities for athletes, community members, and visitors” to participate in winter sports.
The Utah State Legislature and Governor wanted to maintain the Olympic legacy facilities in order to attract and to develop winter sports athletes in the State of Utah. They wanted the state to develop the reputation as a great place to train and compete. They hoped that the top winter sports athletes would flock to Utah and that this would lead to the development of hockey players, speed skaters, figure skaters, skiers, bob sledders, lugers, and curlers among the youth of Utah. They wanted the Utah youth to train with best in order to become the best.
The State Legislature endowed the Utah Athletic Foundation with sufficient funds to operate the facilities, even at a loss, for a number of years. The law makers envisioned that the UAF would follow the example of the LA84 Foundation and would grow the Olympic legacy funds to permanently offset any deficits from the operation of the Utah Olympic Oval and Utah Olympic Parks.
The legislators expected that the facilities would conduct major national and international competitions to not only enhance the prestige of the State of Utah but to further the economic development of the state. They wanted to attract visitors to the state as fans and competitors.
According to a recent article in the Salt Lake Tribune (February 8, 2008), there is approximately $85 million in legacy funds from the 2002 Winter Olympics. Yet, there is talk of closing the Utah Olympic Oval due to an absence of funds to continue its operation. (See Deseret Morning News article, "Oval Contract About To Expire" December 21, 2007.)
In order to make the Utah Olympic Oval a financial success, the facility will need to develop programs in speed skating, short track speed skating, figure skating, ice dancing, hockey, and curling. The Oval will need to operate eighteen hours a day seven days a week.
Last year, the Utah Olympic Oval ran a deficit of $1.5 million and the Utah Olympic Parks accumulated a deficit of $2.0 million. The total deficit was approximately $3.5 for the two Winter sports facilities. This is a drawn down of approximately 4.7% of the $74 million in Olympic legacy funds that the UAF started off with in 2004.
The UAF seems more interested in building luxury hotels than in maintaining winter sports venues and developing future Olympic athletes. A couple of years ago, the UAF proposed building a 330 room luxury hotel in Park City. (See Deseret Morning News article, "Proposal for Olympic Park hotel may be on the horizon" May 31, 2006). Despite the fact that the UAF at that time had near $75 million in Olympic legacy funds, the proposers alleged that they needed to develop the hotel to support the Utah Olympic Oval and the Utah Olympic Parks.
Revised May 1, 2008