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.”

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