(ATR) Sochi Winter Olympic organizers say the organizing committee will have a $261 million preliminary profit.
Revenue sources for the Games were not specified.
A statement from the Sochi 2014 organizing committee released on Thursday says a final calculation will be made once the organizing committee has completed its mandate.
Profits from the Games will be reinvested into sport in Russia.
Sochi 2014 CEO Dmitry Chernyshenko said in the statement, "The Games in Sochi will continue to set records, even after their completion. Financial indicators show that these were the most successful Games compared to previous editions, and all earnings will be directed to the development of sport in Russia."
While Sochi 2014 may take pride in the profit from the organizing committee, the total cost to stage the Games was astronomical. Media reports said the total price tag of the Games, including government investment, was $50 billion. Russian government officials have said the total is less than $10 billion.
The statement also said the dissolution of the organizing committee is currently underway. All operational work at venues for the Games is done, and only 526 people out of the 53,000 on staff at the start of the year remain on Sochi’s payroll. That number will drop to 75 by October.
Written by Ed Hula III
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