IOC Won't Help with Estimated $35-40 Million Debt from 2016 Rio Olympics

The International Olympic Committee (IOC) has no interest in helping the city of Rio de Janeiro clear a debt of roughly $35-40 million from last year's Olympic games. 

Per the Associated Press (via Sports Illustrated), the organisation's executive board made the decision after a meeting in Switzerland on Sunday. In a statement, the IOC pointed at the "record" $1.53 billion contributions that were already made.

Per the report, host cities and countries are contractually obligated to pay Olympic debts. In the case of Rio, the nation of Brazil could struggle to help, with the country caught in a major recession.

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In February, the AP (via the New York Post) took a look at the financial consequences of the 2016 Rio Olympics and discovered many of the facilities have quickly fallen into disrepair. On top of that, the city is well behind payments for teachers and hospital workers, and crime is at an all-time high.

Brazil also hosted the 2014 FIFA World Cup, another event that required significant investments and left the nation with facilities it has little use for. Per ESPN FC's Mark Ogden, the Arena Amazonia in Manaus, built deep within the Amazon, has barely been used since the tournament.