After Russia’s worst Games in Beijing since they first entered the Olympics as the Soviet Union in 1952, the President, Dmitri Medvedev has asked the group of oligarchs for their help to fund the march up the medal table, away from Britain and in pursuit of the United States and China.
As well as Abramovich, the group includes the richest man in Russia, Oleg Deripaska, whose personal wealth was recently valued at $28 billion (about £15.2 billion). Eight of the ten funders of this planned Russian comeback are listed by Forbes.com as being among the 100 wealthiest people in the world.
Alexander Katushev, executive director of the Foundation, told the Times: “We have enough money now. We have over 1 billion roubles per year [about £20 million]. I think that is enough for the moment. You also have to bear in mind the state funding, which is bigger than this fund.” Indeed it is. The ratio of state funding to private finance is around 80-20.
“Some weren’t happy to see our Olympic team take third place in Beijing,” Katushev said. “Everyone said, ‘We must do better.’ Part of the fund is for the medallists of Beijing, as a sign of our gratitude. But it is also for future medals; it provides an incentive to win and the support required to train well day by day.”
