Zurich to bail out indebted world cycling event
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Zurich to bail out indebted world cycling event
The 2024 Cycling and Para-Cycling Road World Championships in Zurich needs bailing out after incurring a deficit of around CHF4.5 million.
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The city and canton of Zurich are now to step in to pay the outstanding bills.
The Zurich 2024 World Cycling and Para-Cycling Championships Association has submitted an application for financial support to the City of Zurich, as announced on Friday.
According to a statement, the city council is prepared to support the association financially in order to facilitate the reorganisation and prevent damage from private creditors.
The canton has declared to the association that it will waive repayment of a bridging contribution granted. The association has also applied to the court for a provisional debt-restructuring moratorium, which has been granted.
Translated from German with DeepL/mga
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