One of the biggest hangups International Olympic Committee members had when mulling whether to grant Utah the 2034 Olympics and Paralympics was money.
Namely, they wondered, would the state be able to find enough cash to put on such an extravagant event with domestic sponsors also being tapped to support the 2026 FIFA World Cup in 2026 and the Summer Games in Los Angeles in 2028?
On Monday, the local Olympic committee publicly revealed the unique initiative that put those concerns to rest. It’s called Podium34.
“Something like this has never been done by any Games host,” said Fraser Bullock, the president and executive chair of the 2034 organizing committee. “Not even close.”
At its crux, the project finds common bonds between the Salt Lake City-Utah Olympic Committee’s goals and the focuses of many of the state’s wealthiest foundations and families, ones bearing names like Eccles, Miller, Garff, Huntsman, Prince and Smith.
Since Utah was awarded the 2034 Winter Games bid last summer, the organizing committee has secured commitments of more than $200 million. In May, the committee increased its donation goal from $163 million to $300 million — or roughly a tenth of the $2.84 billion operating budget in 2034 dollars.
(Rick Egan | The Salt Lake Tribune) Spencer Eccles, left, greets Ryan Smith during a meeting of the organizing committee for the 2034 Olympic and Paralympic Winter Games on Monday, Sept. 8, 2025 in Salt Lake City.
For perspective, the 2002 Olympic Committee raised a total of $44 million in donations, said Bullock, who served as the CFO and COO of the 2002 Games. That inflates to about $88 million in 2034 dollars.
“It just showcases our people really well,” said Catherine Raney Norman, the chair of the 2034 bid committee and the creator of the initiative. “Utahns, we give back to the world, we roll up our sleeves and we serve.”
In total, the Games are expected to cost $4 billion when revenue sharing with the U.S. Olympic & Paralympic Committee, legacy funding and other costs are factored in. In most host countries, those costs are covered by the government, Bullock said. However, 2034 organizers have pledged that no state tax money will be used to host the Games (some state funds have been appropriated for the repair and upkeep of venues, but those sites are also used by the public). So, the SLC-UT group has had to get creative.
(Rick Egan | The Salt Lake Tribune) John Price visits with Gail Miller, during the Podium 34 announcement, on Monday, Sept. 8, 2025.
Corporate sponsorships are budgeted to cover almost half the total cost of the Games. However, per IOC rules, 2034 organizers can’t begin soliciting them until after the 2028 Games in Los Angeles. Around 2029 is also when the committee expects to start receiving funds generated by broadcast revenue and international sponsorships from the IOC. Ticket sales are budgeted to account for another $1.2 billion of the cost, but that money won’t start coming in until about 18 months before the Opening Ceremony, Bullock said.
The Podium34 donations give the organizing committee a source of revenue for the next three years until the other taps open. It also allows the group to make the most of the eight-year runway before Utah hosts its next Olympics, Bullock said,
“We’re an organizing committee. We’re up and running. We’d like to do things,” Bullock said. “And our only source of reference from people who are donating to us.”
The funds won’t only be used to cover operating expenses — the committee has just eight full-time employees and has committed to using just 1% of its operating budget over the next three years. Instead, the Utah families and foundations who give $20 million or more can direct portions of their donations toward causes local Olympics organizers are already committed to supporting.
(Rick Egan | The Salt Lake Tribune) Significant donors gather for a photograph during a meeting of the organizing committee for the 2034 Olympic and Paralympic Winter Games on Monday, Sept. 8, 2025 in Salt Lake City.
Nine such “Captains” have already signed up. Areas targeted by donors, Raney Norman said, include athlete mental health, youth sports participation, arts and culture, transportation and education. Some donors, she said, may choose to direct their money to giving venues a welcoming flourish or to providing shades for the bobsled track that are required for international competition but not necessary for tourists trying the sport for the first time.
“We’re looking at things differently than we have in the past,” Raney Norman said, “and our donors are really vested in all of these different pockets.”
Athletes are the focus of the George S. and Dolores Dore Eccles Foundation, which was among the first on the Podium34 Captain’s roster. Several members of the family were high-level athletes, including George, who played national-level tennis, and Spencer F., who was an all-American on the University of Utah ski team.
“That’s a big group,” said Spencer P. Eccles, a member of the foundation’s board and a former international ski racer. “Is it elite athletes? Is it the kids that have never touched something in sport before? And the answer is: Yes.”
However, Eccles said the foundation may also look at how to make the Olympics a vessel for its other areas of focus. The foundation’s website lists those as arts and culture, community, education, health and wellness and preservation and conservation.
The 2002 Olympics are considered a catalyst for growth throughout the state. Likewise, Eccles said, the success of the 2034 Games “is critical for the state of Utah.”
“You have to continue to create vibrancy,” he said, “and this is a key component in doing that.”
Other Podium34 “Captains” include: The Daniels Fund, the Robert H. and Katharine B. Garff Foundation, the Huntsman Family Foundation, Maverik, the Larry H. & Gail Miller Family Foundation, the John and Marcia Price Family Foundation, Matthew and Tatiana Prince and the Ryan and Ashley Smith Foundation.