Preparation of the Olympic games in Vancouver looks "difficult"

Less than one year from the beginning of the Winter Games in Vancouver, the Organizing Committee (VANOC) said to expect eight months financially "very difficult".

"We are not immune to the challenges caused by the slowdown in the economy and thus the eight months preceding the games will be very difficult." Dave Cobb, a vice-chairman of the Organizing Committee of Olympic Games in Vancouver (VANOC) does not hide his concern.

If the Committee has reached a surplus of 127 million Canadian dollars (80.9 million) during the quarter ended April 30, 62% of expenditure for the organization of games still to be collected. VANOC must receive over half of the approximately 1.7 billion Canadian dollars (1.083 billion euro) budget for the games.

Large corporations that sponsor the project are now in great financial difficulty. This is particularly true of the Canadian telecommunications equipment supplier Nortelou which filed for protection of the courts to try to restructure. The Canadian subsidiary of American automaker General Motors is also very weak.

And it appears from the Director of Finance VANOC, John McLaugghlin, it is very difficult for organizers to solicit other sponsors: "good number of potential suppliers", because of the bad economic situation is were "cautious" or refused to join the event.