The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) released its annual report Friday which shows that it will exceed its 2007 sponsorship target of $65 million by at least $15 million.
According to a Vancouver 2010 media release the report also highlights a well-advanced venue construction program “that will achieve an Olympic first”.
The annual report includes management discussion and analysis, and audited financial statements for the fiscal year ending July 31, 2007. It also includes a look ahead to the initiatives planned for 2008.
John Furlong, VANOC Chief Executive Officer, said he was pleased to report “that we continue to meet or exceed our financial and planning milestones. Of particular note, our sponsorship program has already surpassed our target for 2007, bringing us that much closer to our overall sponsorship revenue target of $760 million”.
He added, “I never dreamed we would be in such a favourable position so early, and we will continue to honour our promise to Canadians to keep these Games on budget, on schedule, and to engage the private sector fully in the project”.
The report includes a venue-by-venue summary of construction activity and expenditures for the year.
Furlong said, “we are now moving into the operational period – easily the most complex phase in the preparation of the Games. The Games are the equivalent of staging three Super Bowls a day for seventeen days”.
The annual report is available on the Vancouver 2010 official website at www.vancouver2010.com.
