Budapest 2024 Kft. employed more people after withdrawal of Olympic application than before

September 29, 2017

At a meeting of the Budapest General Assembly on Wednesday, one agenda item was dedicated to the winding up of Budapest 2024 Kft., the company formerly responsible for handling the city’s application to host the 2024 Summer Olympics.

But some interesting numbers arose in the liquidation of the company. Despite the fact that Budapest’s Olympic application was rescinded in February after an overwhelming response to holding a referendum on the Olympic bid, Budapest 2024 Zrt. still employed more people this year than last year (up to 47.3 employees on average compared to 45.9 in 2016), not a major difference but strange considering the company’s objective (securing the 2024 Olympics for Budapest) was no longer possible after February. The company even managed to rack up HUF 9.2 million (USD 35,000) in yearly losses by the end of August.

Its 2017 revenue was HUF 38.7 million (USD 147,000), down from HUF 54.3 million in 2016 when Budapest was still in the running against Paris and Los Angeles to host the Olympics. According to data reported on by mfor.hu, the obsolete company’s 2017 income came from “the value of mediated services and from advertising revenues.”

The company also spent some HUF 4.1 billion (USD 15.5 million) on material costs in 2017, down from HUF 10.7 billion the previous year. HUF 527.3 million (USD 2 million) was spent in 2017 on personnel costs at the obsolete company by the end of August.