IOC president says Rio gets Olympic funding - WSMV News 4

IOC president Bach says Rio gets Olympic funding

Posted: Updated:

Thomas Bach, president of the International Olympic Committee, says the IOC is helping the local organizing committee of the Rio Games with a widely reported cash-flow problem.

He did not give details of the IOC's financial support.

The local organizing committee has an operating budget of 7.4 billion Brazilian reals ($2.3 billion), to cover the games themselves and the cost of building roads and sports venues. Organizers have promised to operate a balanced budget, which has forced severe cutbacks.

Brazil has been plunged into its deepest recession since the 1930s, which has slowed the sales of local advertising, sponsorships, and tickets.

The budget shortfall has been reported to be about $70 million.

Bach says the IOC "is helping the organizing committee to make sure that these games will be the success we all want it to be."

Powered by Frankly
Powered by WorldNow CNN
All content © 2018, WSMV; Nashville, TN. (A Meredith Corporation Station) . All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.