“They [Sochi 2014] were great Games, but President [Vladimir] Putin thought he was doing everyone a favour by saying ‘I’m going to spend $50 billion – this is going to be great,'” Payne said.

“And as a result, every town and village in Switzerland, Austria, Scandinavia [were thinking] $50 billion?

“Forget it, we can’t stage the Olympic Games.

“The IOC at the time should have immediately stepped in and said the cost of the Games is $2 billion, which is pretty well funded by private money.

“The $48 billion is infrastructure; nothing to do with the Olympics.

“It’s an infrastructure for re-building the region and the IOC should have banned the use of the word ‘Olympic’ to do with anything on infrastructure.

“You can then begin to have a debate – what is the cost of the Games versus the infrastructural development?

“Because if you understand that the cost of an Olympic Games is only $2 billion, and you’ve already got all the venues, that’s a totally different discussion.”

By Daniel Etchells