Financial aid limited: IOC

While the International Olympic Committee has said that it would assistfinancially if there’s a deficit at the end of the Vancouver Olympics,the IOC said yesterday it can’t guarantee it would cover alloutstanding costs.

While the International Olympic Committee has said that it would assist financially if there’s a deficit at the end of the Vancouver Olympics, the IOC said yesterday it can’t guarantee it would cover all outstanding costs.

“The IOC’s support to help mitigate a possible deficit has a limit,” it said in a release. “It remains VANOC’s responsibility to manage its budget responsibly to continue to raise revenues to the greatest extent possible and, if necessary, to cut costs in a strategic manner to maintain a balanced budget.”

Dave Cobb, VANOC executive vice-president and deputy chief executive officer, said the economy will continue to be a challenge until the Games arrive and called the IOC’s limited support a “generous commitment.”

 
 
Latest From ...
Most Popular From ...