Report Indicates Sochi Olympic Budget Triple Original Estimate

A report yesterday in a Russian-language newspaper indicated that the budget for the '14 Sochi Games "will be more than $33[B], nearly triple the original estimate," according to the AP. The Vedomosti report, which cited documents from the Russia Ministry for Regional Development, also noted that "about $23[B] would come from the federal budget, with the rest to come from private investors." Sochi 2014 CEO Dmitry Chernyshenko in a statement yesterday said that the cost is "estimated at only about one-fifth" of the $33B figure. Chernyshenko: "The projected budget for construction of Olympic-related projects, including Sochi 2014 sports venues and related infrastructure, remains about [US$6.67B] as previously stated by authorities. The final cost of Olympic venues will be confirmed when all contractors are selected. This will happen by the end of the year." Almost all of the arenas and other venues for the Games "have to be built from scratch and the plan also requires complex infrastructure projects including construction of a light-rail line" (AP, 9/29).

POPULOUS PICKED FOR STADIUM: Sports architecture firm Populous has been selected by Russian state-owned corporation Olympstroy to design the 40,000-seat main stadium for the '14 Games. Populous also has designed the master plan and overlay plan for both competition and non-competition venues and facilities in Sochi. Botta Management and Russian contractor Engeocom are also part of the design consortium for the '14 Games (Populous).