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Economic Downturn Contributes To Budget Shortfall For VANOC
Published August 24, 2009
Key components in the plans for the '10 Vancouver Olympics are "slowly coming undone because of a worldwide recession seen as the worst economic slump since the Second World War," according to Stephanie Levitz of the CP. At a time when the focus "should be on the final few details, a multi-million dollar budget shortfall is fraying the close ties that bind" VANOC and IOC officials. The IOC Coordination Commission "makes its final trip to Vancouver this week and will review transportation, accommodation, venue arrangements and plans for the opening and closing ceremonies, among other things." But plans in "some of those areas can't be finalized because of an issue that's become a key point of contention between the IOC and Vancouver organizers" -- $30M (all figures Canadian) "worth of sponsorship money." VANOC "has repeatedly claimed it's owed a further [$30M] from the IOC's take from major international sponsors," but the IOC disagrees.
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