The Sochi 2014 Winter Olympics has postponed any request for state funding due to the success of its commercial programme, according to the organisers.
The news was announced at a meeting of the Sochi 2014 Supervisory Board at the Russian parliament in Moscow.
Dmitry Chernyshenko, Sochi 2014 President and CEO, said, “The success of partnership and commercial programs will now allow us to use funds generated by Sochi 2014 for the 2009-2010 development period, postponing the need for the state funds guaranteed by the Government.
“The Sochi 2014 Organizing Committee is committed to ensuring that 80% of the budget for staging the Winter Games comes through private funding, and we are delivering on our financial promises. I can confirm that the Organizing Committee has successfully generated more than $500 million through our marketing program in the first five months of 2009.
Chernoshenko also said that the International Olympic Committee (IOC) Coordination Commission was “impressed” at the progress being made developing the Sochi venue, following its second visit, in May 2009.
The meeting also saw approval of several ‘action plans’ for the organisers’ environmental strategy, titled 'Games in Harmony with Nature'; 'a Climate-Neutral Games'; 'a Zero-Waste Games' and 'the Enlightenment Games'.
