Milan Cortina 2026 has approved its financial statements for 2021 ©Milan Cortina 2026

Milan Cortina 2026 has said its loss in 2021 was €21.2 million (£17.6 million/$23.1 million), a significant reduction on forecasts approved back in November.

The financial statements were approved during Milan Cortina 2026’s Board meeting today.

The organisation said the loss of €21,217,315 (£17.6 million/$23.1 million) was much lower than expected and typical of this stage of the preparations for the Winter Olympics and Paralympics.

"Thanks to the commitment and dedication of the people who work in the Foundation, we were able to keep the commitments undertaken in the process of approaching the Games while reducing costs budgeted," said ” said Vincenzo Novari, Milan Cortina 2026 chief executive.

"This is an excellent result that propels us forward with growing confidence and optimism.

"We will produce a flawless edition of the Games without any public financial contribution.

"Thanks to a careful management of resources, the cost curve in the second year of activity is in line with expectations."

The Organising Committee said it has a net financial debt of €16.2 million (£13.5 million/$17.6 million) at the end of 2021.

The figure is claimed to be better than expected, with organisers having available liquidity capable of covering requirements in the near future.

Milan Cortina 2026 President Giovanni Malagò said the Organising Committee had moved to the planning phase for the Games.

Milan Cortina 2026 President Giovanni Malagò has said the Organising Committee will make up for lost time due to the pandemic ©Getty Images
Milan Cortina 2026 President Giovanni Malagò has said the Organising Committee will make up for lost time due to the pandemic ©Getty Images

The official said the Organising Committee would seek to make up time lost due to the COVID-19 pandemic.

"With the delivery of the Olympic and Paralympic flags in Milan Cortina 2026, we are moving from the strategic to the planning phase," said Malagò.

"The approval of the financial statements with a better result than forecast is excellent news.

"The one in Milan Cortina 2026, despite being a low cost application that will use over 90 per cent of existing or temporary plants, requires rapid interventions, in the infrastructural field, to make up for the time lost due to the pandemic."

The Games have been given a budget of €1.58 billion (£1.35 billion/$1.78 billion).

The Winter Olympics are scheduled to take place between February 6 and 22 in 2026, with the Paralympic Games due to follow between March 6 and 15.