Olympics on Track Despite Economic Downturn

Photos

Olympic Winter Games 2010

see larger image

uploaded by philipp_p

• 

  uploaded by philipp_p | add comment

• 

  uploaded by Yetping | add comment

• 

  uploaded by laguenther | add comment

• 

  uploaded by loonboy2 | add comment

• 

  uploaded by loonboy2 | add comment

• 

  uploaded by loonboy2 | add comment

• 

  uploaded by vanrockfeller | add comment

• 

  uploaded by vanrockfeller | add comment

• 

  uploaded by maja_x1 | add comment

• 

  uploaded by Max Schiro | add comment

    VANCO declared today that they are financially secure to carry on with the 2010 Olympics despite the global economic downturn. At the moment they are running a $65 million deficit which they claim will balance out by 2010 and they are calling out their sponsors who have not yet fulfilled their financial commitment to the games.

    One major case that VANOC is facing is deal that was made with GM Canada who is currently  suspending operations due to possible bankruptcy. GM's contract requires them to provide 4000 more vehicles for the games which is a large challenge to face when on the verge of bankruptcy. Dave Cobb, VANOC's vice-president of revenue spoke about the issue on Monday.

VANOC is preparing for the worst at the moment as they begin revising their $1.6 billion budget to build up the "emergency fund" in case the cost esculate next year.