(ATR) No public funds have gone into the Rio 2016 operations budget, says the organizing committee.
With the Rio municipal government in charge of building venues and infrastructure projects, the $2.7 billion operations budget has been raised entirely through private funds to this point.
"We don’t intend to use public money throughout the journey to the Games," Mario Andrade, Rio 2016 communications director, told French news agency AFP at the IOC extraordinary session in Monaco on Dec. 9.
The operations budget is expected to be raised through IOC funds, sponsorships, and ticket sales. Despite this, the Brazilian government has set aside $700 million to cover any shortfalls according to the AFP report.
"The committee has been operating for five years and hasn’t used any public money so far."
Rio 2016 recently submitted financial documents to Brazilian account courts, after media reported that the city would face a fine for not doing so.
Organizers told AFP that a shortfall from the budget is unlikely, but in the case of one, organizers had a legal obligation to meet the difference.
Written by Aaron Bauer
20 Years at #1: Your best source of news about the Olympics is AroundTheRings.com, for subscribers only.
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