Economic Crisis 'Could' Impact 2010

Economic crisis could impact Games: VANOC
TORSTAR NEWS SERVICE
Metro News, Vancouver, October 24, 2008

The worldwide economic storm could impact plans for the 2010 Winter Olympic Games, officials conceded yesterday.

“The challenge to us now is to wring out every non-essential component on the cost side of the budget,” 2010 organizing committee chair Jack Poole said in Vancouver.

Poole wouldn’t reveal what frills might have to be sliced from the estimated $1.63 billion budget, saying it was too early.

“There’s nothing sacred,” he said. “It’s a very uncertain time in the world today. The bulk of our revenue which has been committed has not yet been received…”

VANOC president John Furlong said he has had no indication that sponsors aren’t going to fulfill their commitments to provide hundreds of millions of dollars in critical revenue to stage the Games.

“There hasn’t been a payment missed and we’re up to date with every partner and sponsor,” he said.

VANOC last week reported a $48.1-million deficit for its year-end 2008 reporting period, but officials said it’s simply a temporary cash-flow issue.

Asked if he’s worried that revenues will fall short in the final analysis, Poole replied, “These are frightening times. We have no reason to think anything will be delayed but you can’t ignore the circumstances we find ourselves in.”