* All figures in Canadian $
(ATR) The Vancouver Olympics could end with more than a $100 million surplus from the 2010 Games, according to a business plan for the Games released today.
The business plan has been anticipated for some time, the first accounting of the finances for the Olympics since the days of the bid four years ago.
“This has been a long journey and we’re delighted to put it behind us,” said VANOC board chair Jack Poole.
“It’s impossible to overstate the complexity of this project,” he said about the amount of work that has gone into the business plan.
According to the plan, VANOC will spend $1.6 billion to stage the Games, with revenues forecast at $1.82 billion. Included in the budget is a $100 million contingency.
“This was our goal”, says John Furlong, VANOC chief executive, adding it was not a number plucked from the air.
He describes the figure as a “strong, solid contingency” which was reviewed by past Olympic organizers.
The plan was endorsed by the VANOC board in March. Furlong says federal and provincial governments came aboard in the past few days,.
Below is a table released by VANOC with the expense and revenue forecasts, all figures in Canadian dollars:
REVENUE
IOC - $597.7m (Less cost of providing Olympic Broadcast Services $178m)
IOC net - $401.7m
Other IOC - $35m
IOC international sponsorship -$201.404m
Domestic sponsorship $760m
Ticketing $231.854m
Licensing/merchandising $46.026m
Paralympic revenue $40m
Other $110.502
Total revenue - $1,826,486,000
EXPENSES
Revenue, marketing and communications $126.427m
Sport, Paralympics and venue management $186.436m
Service operations and ceremonies $538.130m
Technology and systems $398.5m
Human resources, sustainability and intl client services $153.144m
Finance and legal $116.632m
Contingency for Games operations $100m
Total expenses - $1,629,269,000
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