Brazil Olympic Committe To Spend $600M On '16 Olympics In Effort To Secure Top-10 Ranking

Brazil's Olympic Committee will spend a record $600M in an attempt to "secure a top 10 medals ranking when the Summer Games take place in Rio de Janeiro" in 16, according to Tariq Panja of BLOOMBERG. Through a "combination of public and private funding, the country will prepare 400 athletes with the aim of as many as 30 medals, 13 more than the the team achieved at London 2012." For that event, Brazil, which was "joint 14th place on the total medals ranking," spent $350M. Brazil Olympic Committee Sport Dir Marcus Vinicius said that hosting duties gives Brazil "responsibility to outperform its previous records." Vinicius said, "Our idea for Olympic power is not focusing on some three or four sports. It's more open for more sports. For us, Olympic power is more than 10 or 12 different disciplines" (BLOOMBERG, 7/23).