VANOC confirms International Olympic Committee’s commitment to assist financially if required; no open guarantee to cover any deficit

Vancouver, BC – The Vancouver Organizing Committee for the 2010 Olympic and Paralympic Games (VANOC) and the International Olympic Committee (IOC) confirmed today that in response to the challenges VANOC is facing raising its remaining revenues in the global economic downturn, the IOC will assist financially if the Organizing Committee has a deficit at the end of the 2010 Winter Games. However, it is important to clarify that the IOC is not guaranteeing to cover all outstanding costs or to ensure there is no deficit at the end of the Games.

The IOC’s support to help mitigate a possible deficit has a limit. It does not and is not intended to replace the responsibility of the Organizing Committee and its partners and other entities in respect of their obligations to stage the Games. And it remains VANOC’s responsibility to manage its budget responsibly to continue to raise revenues to the greatest extent possible and, if necessary, to cut costs in a strategic manner to maintain a balanced budget. VANOC also clarified that the IOC has fulfilled all of its obligations in respect to the TOP sponsorship program.

VANOC has been in discussions with the IOC for the past several months on its budget in general and conversations in the past two weeks have resulted in this commitment.

“This is a very supportive, generous commitment by the IOC, but in no way does it guarantee to cover all costs and any deficit at the end of the Games,” said Dave Cobb, executive vice president and deputy chief executive officer. “While we now have the confidence we need to spend against our revenue targets, the economy will challenge us until the Games arrive and the pressure remains to continue to find additional creative solutions to ensure we maintain a balanced budget.”

About VANOC
VANOC is responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The 2010 Olympic Winter Games will be staged in Vancouver and Whistler from February 12 to 28, 2010. Vancouver and Whistler will host the Paralympic Winter Games from March 12 to 21, 2010. Visit www.vancouver2010.com.

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