VANOC Faces Around C$35M Gap As IOC Struggles To Sign Sponsors
VANOC faces a "large gap of about" $35M (all figures Canadian) as the IOC "struggles to deliver on its promised roster of 11 global sponsors" for the '10 Vancouver Olympics, according to David Ebner of the GLOBE & MAIL. The IOC was "already losing sponsors before the global recession ravaged economies around the world," and while the organization has signed nine global sponsors, the "final two slots have been persistently empty." VANOC "has always said it is optimistic the IOC will deliver on the expected $196[M] budgeted for international sponsors, but that is based on a full 11 supporters." IOC Marketing Commission Chair Gerhard Heiberg is "notably less upbeat than VANOC." Heiberg last month said, "If we are going to get one it has to happen in the next three to six months." Ebner noted about $50M in the $1.76B budget "remains for contingencies such as sponsorship shortfalls, an emergency fund that has already been halved" from $100M. VANOC VP/Communications Renee Smith-Valade: "We know we have that liability with (the IOC) if they don't find those two sponsors. They're continuing to look for sponsors. It's hard to predict where the economy will go." IOC Media Relations Coordinator Sandrine Tonge said that "even if two additional sponsors are not signed up, Vancouver will still receive more IOC sponsorship money" than the '06 Turin Games (GLOBE & MAIL, 6/4).
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