Vancouver 2010 issued its quarterly financial report Tuesday and according to VANOC chief executive officer John Furlong, preparations for the 2010 Winter Olympic Games are on track and on budget.
Furlong said, “our construction season finished successfully and we’re pleased to have generated $115 million this year through several new sponsorship agreements with great Canadian companies, exceeding our $100 million target for 2006”.
In 2006 VANOC’s Official Licensee Program welcomed nine new Canadian companies.
According to a press release issued Tuesday, for the quarter ending October 31, 2006 VANOC’s revenue from sponsorship, the International Olympic Committee (IOC) and other sources was $50.1 million while expenses were $16.1 million. Overall revenue since VANOC was formed in 2003 totals $86.7 million while expenses total $92.8 million.
VANOC’s venue development expenditures for the quarter were $46.6 million and now total $182.4 million since venue construction began.
The next quarterly report covering the three months ending January 31, 2007 will be available March 2007.
VANOC says it anticipates a final approval and public release of the updated business plan in early 2007. Following the Turin 2006 Winter Games VANOC says it undertook a comprehensive review of its entire operations and updated its draft business plan. The committee has been criticized for not having the plan in place as promised in April 2005, reports TSN.
Furlong said, “from our first hand experience at the Torino Games to the International Olympic Committee’s thorough Torino debriefing session last summer, our team gained valuable information in 2006 that helped us develop a comprehensive update to our business plan which we look forward to releasing upon its approval early next year”.
VANOC also anticipates completing seven venues in 2007, including the Whistler Nordic competition venue (biathlon, ski jump and cross country) the Whistler sliding centre, Cypress snowboard venue, Whistler alpine venue and Hastings Park skating venue.
