The Olympic Games look like a rich man’s game
By Harsha Walia, Special to the Vancouver Sun, April 10, 2009
For anyone who still maintains any illusions of Olympic prosperity, an updated Olympic budget released by Vanoc last week made clear that there is no projected potential Olympic profit. According to John Furlong, “We will be very happy to get to break-even.” With sponsors such as GM and Nortel in crisis, the financial stability of the Games has been a controversy. Although $950 million in corporate sponsorships is expected, only $365 million has been collected. A Vanoc line of credit with sponsor RBC was cut by $65 million. The IOC has still not signed two of its top sponsors, resulting in another $30 million shortfall.