If private companies pull out of funding the Sochi 2014 Winter Olympic Games because of the global financial crisis, Itar-Tass reports Sochi 2014 has it covered. Organizers have reportedly secured state funds to replace a lack of agreed investments, if any.
Dmitry Kozak, Deputy Prime Minister in charge of Olympic preparations, told reporters Thursday in London, “none of Russian investors has rejected its obligations related to the construction of objects in Sochi. If the situation occurs, we shall replace such investments by state funds”.
Kozak said he sees an advantage because of the crisis – falling prices of construction materials. He said, “if the objects are transferred to the state (from private investors) their erection may be financed by the funds saved at other Olympic construction sites. We shall closely monitor the situation in the economy and at our key investors and we hope they will stay”.
Meanwhile Sochi 2014 said it will sign a marketing partnership agreement with the International Olympic Committee in Lausanne on Friday. Dmitry Chernyshenko, President of Sochi 2014 said, “we shall get a limited right to use on our territory the (Olympic) logo to issue corresponding licenses and attract sponsors.
“The launch of the Sochi 2014 marketing program gives many companies a unique possibility to integrate themselves into Olympic projects and become a part of the most recognized brand in the world – the five Olympic rings”.
Chernyshenko added that Sochi 2014 organizers plan to hold a domestic relay in Russia.
He told Itar-Tass, “it is a unique possibility to bring Olympic values to the most distant parts of the country with eleven time zones”.
