Jaguar Tunes Up Tennis Portfolio Executive Transactions Wasps Seek To Raise $53M With Bond Retails Score Big Ahead Of 'Megafight' More Than 2M Watch Europa League Barcelona, Fitness Time Ink Deal Hamilton Stays Atop Sport Rich List ICC Launches Urgent Investigation Names In The News UCI Confirms Astana To Keep License
SBD Global/June 21, 2013/OlympicsPrint All
Russian metals tycoon Oleg Deripaska "is calling on the government to help him make a return" on the $1.4B he is plowing into the Sochi 2014 Olympics, according to R-SPORT. Deripaska "is one of a clutch of oligarchs called upon to pay for Russia's first Winter Games" in a gargantuan, and world record, $51B construction project. The 45-year-old, worth an estimated $8.5B, "is responsible for upgrading the Black Sea resort's airport and seaport, as well as building the Olympic Village through his Basic Element holding company." Deripaska said, "Such a large-scale project as the Olympics should serve as an example for the development of private-public investment partnerships, and a powerful stimulus for its further growth. At the moment, the opposite is happening. ... I see no reason not to participate in such grandiose projects in the future, but let's not forget that we, as investors fulfilling our promises, expect a return on our investments" (R-SPORT, 6/19).
The Int'l Paralympic Committee and Getty Images have signed a new four-year agreement to extend their partnership until the end of '16. Under the agreement, Getty Images will continue to act as the official photographic agency of the IPC and will cover the upcoming Paralympic Games in Sochi and Rio, as well as a number of other major para-sport events (IPC). ... Oslo's bid to host the 2022 Olympics and Paralympics has submitted an application for governmental support and financial guarantees to stage the Winter Games, estimated to cost up to 30B NOK ($5.2B). The request from the Norwegian capital and the Norwegian Olympic and Paralympic Committee and Confederation of Sports (NIF), is the latest step in the bid process after it received backing from the City Council earlier this month (INSIDE THE GAMES, 6/20).