On the 19th local time, the governor of Victoria, Australia, said that due to the final decision not to host the 2026 Commonwealth Games, Victoria will pay 380 million Australian dollars (about 1.77 billion yuan) in compensation to the organizers.
On the 19th, in a joint statement issued by Australian Victorian Governor Andrews, the Commonwealth Games Federation, the Australian Organizing Committee and other organizers said that all parties have resolved all disputes surrounding Victoria's abandonment of the event.
Andrews, Premier of Victoria, Australia: For unavoidable reasons, and for the most good reason, we will no longer host the 2026 Commonwealth Games. The costs of hosting the Commonwealth Games are huge and far outweigh the benefits. What I can confirm is that the final payment to the tournament organisers was $380 million, with no more points and no litigation, and this is the end of the matter.
It is reported that according to the original plan, Victoria will host the Commonwealth Games from March 17 to 29, 2026. However, the Victorian government announced on July 18 that it had decided not to host the event in view of the high cost of organising. Governor Andrews said at the time that it was estimated that the expenses related to hosting the Games would exceed 7 billion Australian dollars (about 32.62 billion yuan), far exceeding the original budget of 2.6 billion Australian dollars (about 12.12 billion yuan).
The Commonwealth Games, which are attended by Commonwealth countries, have been held every four years since 1930 and were only discontinued twice during World War II. After the withdrawal of the Australian state of Victoria, it is unknown who will "take" the 2026 event. In addition, the Canadian province of Alberta also announced earlier this month that it was abandoning its bid to host the 2030 Commonwealth Games.
Source: CCTV Finance