IOC Gives Assurances On VANOC Budget

The IOC is stepping up. In its final visit to Vancouver before the Winter Games in February, the organization promises to help bail out VANOC if it "fails to balance its operating budget” by the end of the Olympics. The move is “believed to be a first" for the IOC and allows VANOC officials to breathe a sigh of relief five months before the Opening Ceremony. Recent estimates had VANOC more than $40M short of revenue projections, and part of that is due to the IOC’s inability to fill TOP categories, with a portion of the revenue going toward VANOC’s budget. While many will hold the applause, IOC Olympic Games Exec Dir Gilbert Felli says, "We understand their problem ... so we are being generous." Both VANOC and the IOC "downplayed suggestions that the issue of corporate sponsorship had caused a rift between the two groups." Meanwhile, a key IOC exec proclaims Vancouver ready to host the Games, as Rene Fasel calls the venues "spectacular" and the plans "very good," and states the Games will be an "unparalleled success."

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