The Vancouver 2010 Organizing Committee released its annual report for the year ended July 2009, which showed it made almost $630 million and spent around $400 million not including cost of venues, reports The Canadian Press.
According to the year-end financial statements “current projections indicate that additional short-term financing will be required, which management is confident will be achieved through negotiation with (the committee’s ) lenders”.
But if it doesn’t work, Vancouver 2010 officials say they are working on plans to have those who owe them money pay up a little faster.
VANOC’s chief financial officer says they are still on track to break even with their $1.75 billion operating budget. John McLaughlin said in a statement “we need to continue to move forward cautiously with a disciplined financial strategy in the remaining 112 days to ensure we finish with a balanced budget”.
Meanwhile, Whistler, where some of the 2010 competitions are being held, will be connected with Vancouver by one of the most advanced fibre-optic networks in Canada. Summit Daily reports that with this new information highway the Olympics will be broadcast in high-definition television for the first time.
