VANOC is in the green this fiscal period thanks in large part to nearly $95 million earned from ticket sales for the 2010 Games, the organization announced yesterday.
“As we expected, we’re in a positive cash position this quarter because of revenues arising from the IOC, sponsors and ticket sales,” said John McLaughlin, VANOC’s CEO. “Licensing and merchandising revenue doubled this quarter and over $94 million worth of tickets were sold.”
VANOC received $242 million in revenues in the three months until Jan. 31, including contributions from the IOC worth $87.2 million, $66.1 million in sponsorship revenues and $94.7 in ticketing revenue.
VANOC spent $96.1 million during the same quarter. But McLaughlin said these remain “challenging economic times reinforcing our need to be financially prudent.”