Hungarian Olympic Committee starved of gov't cash

The Hungarian Olympic Committee (Magyar Olimpiai Bizottság, MOB) is expected to deplete its cash reserves after failing to secure an advance on its state subsidies. If the subsidy fails to arrive on time, it will be forced to take out a loan, reports Index.hu.

In November 2007, MOB chairman Zoltán Molnár explained to the portal that the committee, having learned from past experiences, indicated to the sports minister that they would need some of the money in advance in January because they have to pay to the Beijing organizers of the Olympics at the beginning of the year. However, they never even received the contract plans. This is an unacceptable and unwarrantable treatment of the committee in an Olympic year, adds Molnár.

The committee, redistributing its reserves and rescheduling some payments, managed, with the help of sponsors, to pay the Olympic organizers in time to ensure the athletes would not suffer during the Olympics. They also contacted a bank, which promised to lend them the money if thestate subsidy of Ft 432 million (€1,728,000) fails to materialize in time.

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