The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) released its report Tuesday for the first quarter of the fiscal which includes a management discussion and analysis and interim financial statements for the first quarter, ended October 31, 2007.
As part of its report Vancouver 2010 reflected on a successful year that included the completion of construction of five sport venues and a domestic sponsorship program that exceeded VANOC’s 2007 target of $65 million to reach $102.5 million for the year.
John Furlong, Vancouver 2010 Chief Executive Officer said, “we’re on track and on budget as we approach 2008 and the two-year countdown to the 2010 Winter Games. The best athletes in the world will soon be there to train for the 2010 Winter Games as construction of five sport venues will be complete by the end of this month, including all three Whistler-based competition venues”.
According to Vancouver 2010, its venue construction schedule provides for the earliest completion of competition venues in recent Games history. As of December 15 construction is substantially complete at the competition venues that will host alpine skiing, biathlon, cross-country skiing, freestyle skiing, ice hockey, figure skating, Nordic combined, ski jumping, snowboarding and short track speed skating. Venues for curling and wheelchair curling, ice sledge hockey and speed skating, will be complete in 2008.
Furlong added, “through the strong support of corporation Canada we exceeded our target of $65 million for 2007 to reach $102.5 million for the year, giving us greater confidence that our overall sponsorship revenue goal will be achieved”.
Vancouver 2010’s next quarterly report covering the three months ending January 31 2008 will be released in March 2008.
