Economic downturn prompts revised Olympics budget
VANOC’s board of directors approved a revised operating budget for the2010 Games Wednesday because of a sponsorship crunch due to the globaleconomic crisis.
VANOC’s board of directors approved a revised operating budget for the 2010 Games Wednesday because of a sponsorship crunch due to the global economic crisis.
Dave Cobb, VANOC’s vice-president of revenue, said the updated budget isn’t significantly different from the last one, and is designed to help the organization weather financial challenges in the coming year.
“There’s been a lot of fine-tuning, a reallocation of dollars, but the overall dollars we expect to raise is similar to our last business plan,” Cobb said.
He said the budget remains close to the original $1.62 billion, but includes an enhanced contingency fund to address unforeseen financial problems.
Board chairman Jack Poole said the new budget manages to protect the project from the “worldwide financial uncertainties,” while ensuring Canada is able to deliver a “spectacular Games” for the world.
VANOC still needs three or four new major sponsors to raise another $10 million.
Details of the budget will likely be released in the coming days, pending approval from the International Olympic Committee.