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IOC closing in on $1 billion sponsorship target

The International Olympic Committee is hoping to add up to three top-tier sponsors for the 2010 and 2012 Olympic Games package in the next few months, taking them to their $1 billion revenue target for the sales process.

Reuters reports that IOC marketing chief Gerhard Heiberg said the economic crisis had put talks on hold, but that in the last month it had re-entered talks with interested sponsors.

“Things are developing in the right direction when it comes to the top (sponsor) program. (Sponsor) number 10, 11 and 12 could be added before the Vancouver Games,” Heiberg said. “I hope we can still reach our goal of $1 billion in Vancouver.”

The IOC currently has nine major sponsors, worth $883 million for the 2010 Vancouver Winter Games and 2012 London Summer Games.