Sochi Organizing Committee Announces $140M Profit From 2014 Olympics
The organizing committee for the 2014 Sochi Olympics and Paralympics "posted a profit" of around $140M, according to R-SPORT. The Russian organizing committee "made money from merchandising but also received funds from the host nation’s government." 2014 Sochi Organizing Committee President Dmitry Chernyshenko said that the organization "had made a profit" of between 1.5B and 2B rubles ($42M to $56M) on merchandising, while the rest of the sum "was taken from a valuation of property owned by the organizing committee" (R-SPORT, 4/7). XINHUA reported Chernyshenko also said that the Internet domain used for the 2014 Sochi Winter Olympics "could be handed over to the Sochi city hall free of charge." Other intellectual property of the Games "will be managed by Russia's National Olympic Committee in favor of Olympic movement." Chernyshenko: "We may be proud for what we've achieved. The Games were commercially successful" (XINHUA, 4/7).