Olympic Newsdesk -- Sochi Chief Denies Budget Increase; Olympians Sign with Procter & Gamble

Dmitry Chernyshenko insists the budget for Olympic projects is still projected at $6.7 billion. (ATR/Panasonic:Lumix)Olympic Chief Says Sochi Remains on Budget

(ATR) Sochi 2014 Olympic committee president and CEO Dmitry Chernyshenko dismisses reports of a tripling in the budget for the Games.

Russian business newspaper Vedomosti reported that the Olympics budget would rocket to $33 billion, citing information obtained from the Ministry for Regional Development.

But Chernyshenko insisted the estimated cost is about one-fifth of that figure.

“As we have always outlined, it is important to recognize the distinction between the budget for construction of Sochi 2014 sports venues and the overall budget for the massive redevelopment of Sochi and the entire Krasnodar Region, which was planned even before the city of Sochi won the right to host the Games,” he said.

“The projected budget for construction of Olympic-related projects, including Sochi 2014 sports venues and related infrastructure, remains around 200 billion rubles ($6.7 billion) as previously stated by the authorities.”

He added: “The final cost of Olympic venues will be confirmed when all contractors have been selected. This will happen by the end of this year.”

Sochi’s initial construction budget for the Games was around $12 billion, but officials have since revised that projection to the $6 billion figure after claiming they were able to slash costs across the project.

Chernyshenko has pledged that all sports venues will be under construction by the end of 2009.

Foundation work on some key venues including the showpiece 40,000-seat stadium is now under way.

Populous, formerly known as HOK Sport, was awarded the contract to design the main stadium for the 2014 Olympics, Sochi organizers announced Wednesday. The architectural practice, which also designed stadiums for the Sydney 2000 and London 2012 Olympics, was chosen by the Russian state corporation Olympstroy. It had already worked on the master plan and overlay for the Olympic Park in the Black Sea resort.

Ohno, Vonn Sign with Procter & Gamble

Skier Lindsey Vonn is among the Winter Olympians who have signed endorsement deals with Procter & Gamble. (Getty Images) Short track speed skater Apolo Ohno and alpine skier Lindsey Vonn are among the six U.S. Winter Olympic athletes who have signed with Proctor & Gamble to endorse its products as part of its advertising campaign for the 2010 Vancouver Games.

Ohno and Vonn will be joined in the endorsement deal by short track speed skater Allison Beaver, figure skater Tanith Belbin, bobsledder Vonetta Flowers and snowboarder Lindsay Jacobellis.

Baver, Belbin, Flowers and Vonn will promote P&G beauty brands, including Cover Girl, Olay and Pantene. Jacobellis and Ohno will be aligned with Vicks.

Briefs…

The world records Usain Bolt set at the world championships in Berlin have been ratified by the IAAF. (Getty Images)…Usain Bolt's world records in the 100 meter and 200 meter finals at the IAAF World Championships in Berlin have been ratified. Bolt ran the 100 in 9.58 seconds and the 200 in 19.19 seconds. The IAAF also ratified Poland's Anita Wlodarczyk’s world record setting hammer throw of 255 feet, 9 inches at the athletics worlds.

…Australian swimmer Jodie Henry, who won three gold medals at the 2004 Summer Olympics in Athens, is retiring from competition. The 25-year Henry won the 100-meter freestyle as well as two relay golds in Athens.

…Australia's Minister of Tourism Jodi McKay will be one of 5,000 volunteers for the Sydney 2009 World Masters Games. She picked up her uniform on Wednesday for the Games, which will take place Oct. 10-18.

Written by Mark Bisson, Greg Oshust and Sam Steinberg.

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