ISTANBUL (CIHAN) - Turkey's disappointed hopes of hosting the 2012 Summer Olympic games have resulted in the financial nightmare of a $319 million black hole, the Turkish Sabah daily reports on Friday.
Turkey's Olympic aspirations were put in motion in 2000. However, the Turkish Republic failed in its applications to host the 2004 and 2008 Olympics, with the final blow just coming last month.
The International Olympic Committee (IOC) surprisingly dropped Istanbul last month from a shortlist of cities seeking to host the 2012 Summer Olympic games.
The Turkish Olympic Committee had channelled 319 million US dollars into improving facilities and also into lobbying with a view to hosting the Olympic games.
The 80,000 capacity Ataturk Olympic Stadium, which is to host the 2005 UEFA Champions League final match, and the Turkish Olympiad village are the two principal leftovers of Turkey's Olympic dream.
Nearly $170 million was allocated to sport venues and arenas. The remaining money was spent on promotional activities.