SBD Global/June 20, 2014/OlympicsPrint All
The 2014 Sochi Olympics "posted a provisional surplus" of $261M, according to the AP. The figure is $119M higher than a previous profit figure reported in April, but "is still dwarfed by the government subsidies given to the organizing committee," valued at $420M in December. The Sochi organizing committee said that its projected surplus "is a record for any games." The surplus "is only from the Sochi organizing committee," which had an operations budget of about $2B. It "does not cover any construction or infrastructure costs." Russia's overall spending for the games totaled $51B. Sochi organizing committee President Dmitry Chernyshenko said in a statement all the profit would be "oriented towards the development of sport in Russia," with plans to provide "a significant sum" to Paralympic sports from the profits, plus a lump sum of $17.5M (AP, 6/19).