nobase2010 Posted August 27, 2009 Report Posted August 27, 2009 VANCOUVER, British Columbia -- The International Olympic Committee says Vancouver is ready to host the 2010 Winter Olympic Games. Games coordination commission chair Rene Fasel says the IOC is confident the Vancouver Olympics "will be an unparalleled success." The IOC's coordination commission paid its ninth and final visit to western Canada this week to tour venues and review operating plans and budgets with the organizing committee. The games begin Feb. 12.
mr.x Posted August 27, 2009 Report Posted August 27, 2009 Damn straight, the best Winter Olympic Games ever! Also: IOC gives assurances on 2010 Games budget Wed Aug 26, 2009 10:36pm EDT By Allan Dowd VANCOUVER, British Columbia (Reuters) - The International Olympic Committee has assured organizers of next year's Winter Olympics in Vancouver it will help with a potential budget gap caused by the global recession, officials said on Wednesday. Canadian organizers have warned they face a significant budget shortfall because of the worldwide economic downturn. Among the most pressing issues is a potential C$30 million ($27 million) revenue shortfall because the IOC has only been able to sign up nine of the 11 worldwide corporate sponsors expected when Vancouver's C$1.7 billion operating budget was prepared. Specifics of the IOC's offer were not released, but Vancouver Organizing Committee (VANOC) officials said it gave them the assurance they needed with the opening of the Games in the Western Canadian city now less than six months away. "With the commitment the IOC has made to us and the contingency we had in our budget I am now extremely confident we will achieve our targets," Dave Cobb, VANOC's executive vice-president said following meetings with IOC officials. The IOC panel that is overseeing preparations for the Games was in Vancouver for its final visit before the competitions begin, and its leader lavished praise on VANOC's readiness for the event. NO RIFT "I really feel confident we will have a fantastic Games," panel Chairman Rene Fasel told a news conference. Both VANOC and the IOC downplayed suggestions that the issue of corporate sponsorship had caused a rift between the two groups. Canadian organizers had vowed the Games would have a balanced budget, but they have found themselves struggling with the impact of the economic downturn. VANOC was able to meet its target for domestic corporate sponsorship revenue, but has abandoned predictions made before the recession that it would be able to exceed its nearly C$760 million goal. Local organizing committees get a percentage of the revenues raised by the IOC from international sponsors, and there have been suggestions the shortfall would be replaced by giving VANOC more money from international broadcast fees. VANOC's Cobb said the IOC did not promise to replace the entire shortfall, and said it could end up being less than C$30 million if new sponsors are signed before the Games begin in February. The threat of a revenue shortfall has also forced VANOC to look at cost-cutting. Chief Executive John Furlong said organizers have received a good response to requests to local employers to lend them up to 1,500 short-term employees who will be needed in the weeks leading up and during the Games.
Rafa Posted August 27, 2009 Report Posted August 27, 2009 If $27 million is your main problem then I don't understand why the government can't just cover this.
mr.x Posted August 27, 2009 Report Posted August 27, 2009 ^ The IOC understands that VANOC asking more money from the public would create a backlash and could hurt public support/PR, and would also provide fuel for anti-2010 activists and protesters. The media makes quite a bit of noise anytime the government provides more money for Games expenditures....hell, even VANOC using its taxpayer-funded contingency fund makes noise: a month or two ago, VANOC decided to deplete its contingency fund by spending $8.5-million more for the opening/closing ceremonies for a total of $49-million. Note that the provincial government announced earlier this month that it would lend VANOC 1,500 public service workers to make up for its full-time paid position shortages from now until the Games. This is expected to cost $18-28-million....and it also says a lot about our government perhaps carrying a lot of fat around when it can lose 1,500 managerial employees and still stay afloat. It doesn't seem much, but taxpayers are stingy. The provincial government's treasury is also heading into multi-billion dollar deficits over the next few years starting this year because of much lower revenues than originally expected, a result of the recession. From other news sources, I heard that VANOC's shortfall is $40-million. They had asked the IOC a year ago whether they would find two more TOP sponsors, and they promised VANOC they would and would deliver $30-million more to them. And VANOC worked on a budget that involved that $30-million, but without that money at this point it could seriously damper the Games. VANOC can't make any drastic changes to its budget. And the IOC understands that, and is being quite generous about it.
Rafa Posted August 27, 2009 Report Posted August 27, 2009 Well then perhaps the government guarantee to cover a shortfall should become compulsory. This all sounds really lame and petty. The use of public service workers is also a bit lame. Some people have real problems.
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