Business Plan and Games Budget for 2010 released by VANOC

The Vancouver Organizing Committee (VANOC) has revealed it's full Business Plan and Games Budget for the 2010 Winter Olympics in Vancouver.

The highlights include:

• The Games Operating Budget is $1.6B (CDN) total, with all costs included less construction costs.
• 74% of the budget comes from private sources, including "international and domestic sponsorships, licensing and merchandising, ticket sales and fundraising, and a portion of the worldwide sale of Games television broadcast rights."
• The International Olympic Committee (IOC) is responsible for $579M of funding, plus an additional $35M that was apparently "negotiated at the last minute".
• Venue construction is funded by the Government of Canada and the Province of British Columbia, filling in the remaining 26% of total funding, with each kicking in $290M.
• The two biggest construction/upgrading costs are $104.9M for the Whistler Sliding Centre, and $119.7M for the Whistler Nordic Competition Venue.
• With a 95% ticket sale ratio, $231M in revenue is expected.

Source: VANOC Business Plan and Games Budget

VANOC presents progress update to IOC

The Vancouver Organizing Committee's CEO John Furlong has presented an interim progress report to the International Olympic Committee detailing progress made in the planning of the Vancouver 2010 Winter Olympics.

Included in the report:

• venue construction program progress
• the release of the VANOC Business Plan and Games operating budget, which has been approved by the VANOC Board of Directors, with a public release date scheduled for May 8
• a sponsorship and licensing update confirming that 80 per cent of the overall 2007 domestic sponsorship revenue target has been met
• accommodation targets and the media accommodation program
• development of the 2010 Winter Games ticketing program
• modifications to the 2010 sport program, including the addition of ski cross and format changes for speed skating team pursuit and skeleton
• finalization of the test event program

Source: Journal of Commerce