Gold Coast Fined For Salary Cap Breach Marketing Symposium: Global Sports Events Kazakhstan Seeks Foreign Investment Bochum Abandons Plan To Save Money NZRU Cancels Match In Singapore Cargiant, QPR Battle To Build Homes McIlroy Takes Time To Focus On Lawsuit PSG's Biggest Revenue Stream Is 'Other' Stadium Roof Would Cost Up To $307M Adidas Mulling Reebok Sale
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).