The Sydney Olympic Organizing Committee (SOCOG) will
have to "slash" spending in late '99 if it can't reach its
A$2.6B revenue goal, according to Stuart Washington of the
FINANCIAL REVIEW. Currently, SOCOG is A$85M behind its
revenue target set in June '98. NSW Minister for the
Olympics Michael Knight "dismissed" the shortfall as "a
timetable issue relating to payments committed but not yet
received." But he "conceded" that organizers "don't yet
have our foot on" the A$2.6B needed under the revised budget
and are about A$270M short of the sponsorship goal of $873M
(Stuart Washington, FINANCIAL REVIEW, 11/18).
GEE, AND SPONSORSHIP DOLLARS ARE LOW? In Sydney,
Michael Evans writes that according to SOCOG research, 40%
of those surveyed "were unable to name any Games sponsors
without prompting" and the results are "leaving several
major corporations wondering if their money could not have
been better spent." Financial group Telstra and Westpack/
Challenge Bank were recognized as sponsors by 21% and 20% of
respondents, respectively. Major sponsors -- who have "paid
up to" A$60M to sponsor the games -- Panasonic, Swatch, News
Ltd and Fairfax were not recognized at all. McDonald's (6%)
was "barely recognized" (SYDNEY MORNING HERALD, 11/20).
