Olympic Movement Financially Sound – Rogge
International Olympic Committee (IOC) President Jacques Rogge said Friday the Olympic movement is on sound financial footing but must hold down the size and cost of the Games to cope with the global economic downturn, reports the Associated Press.
He told the European Olympic Committees meeting in Istanbul Turkey "the Games are not anymore in a growth mode, they are in a conservation mode".
He said future financial backing of the IOC by broadcasters and sponsors will depend on successful staging of the Games. "This is what I would call virtual money. If there are no good Games, there will be less money. We must make sure the Games do not become too sophisticated, too big and too costly. Every demand to add more sports on the program, more athletes, more coaches or higher service levels adds to the difficulty of staging good Games".
He added the financial situation for the next three Olympics in Vancouver, London and Sochi, were "secure. There is no issue of financing of these three Games".
As for Sochi, Rogge said, "contrary to what you might read in some media, there is no danger for the financing of Sochi. We have received very strong reassurances from the government that the funding is committed and is in place. Construction has started".
Rogge stressed that the IOC's own internal finances were solid, saying "we have invested very conservatively", adding that the IOC has distributed $300 million in revenues to international sports federations and national Olympic committees over the last four-year cycle and will hand out $311 million in the next four-year period, reports the Associated Press.
He said the IOC has secured about $900 million in global sponsorship revenue for the 2009-2012 cycle through deals with nine sponsors and was negotiating for a possible 10th sponsor, but would settle for nine.Write or read comments about this article
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