User ID
Password
  Forgot User ID
or Register Today!
VegasInsider.com
Follow Us on Facebook Follow Us on Twitter Follow Us on Google+ VI Mobile Scores and Betting Odds
Home
NFL
NBA
NHL
MLB
NCAA FB
NCAA BK
Golf
Auto Racing
Horses
More
Betting Tools

 
Rio organizers may need $700 million in govt money

New Sportsbook.ag customers: Make your 1st bet, get your 2nd bet free, 100%, winnings paid in cash.
Join Now

Already have an account? Click here to view new Exclusive Rewards!

RIO DE JANEIRO (AP) - Olympic organizers say they might have to use $700 million in government money to meet the operating budget for the 2016 Rio de Janeiro Games.

Advertisement
Leo Gryner, chief operating officer of the organizing committee, said Friday that as conditions now stand ``we need this $700 million.''

Gryner told The Associated Press earlier this week the operating budget could be as much as $4 billion. The original budget estimate of $2.8 billion was submitted before Rio won the games in 2009.

The operating budget is used to run the games and is separate from the capital budget, which is a mix of private and public money used to build needed infrastructure to support the games.

Gryner said any shortfall was caused by inflation and Brazil's slowing economy.

``Right now as our budget stands we need this $700 million,'' Gryner said at press conference to mark the three-year countdown to the opening of the Olympics on Aug. 5, 2016.

Gryner said the shortfall may develop if local organizers fall behind in landing sponsors.

``It depends on the economic situation, the environment,'' Gryner said. ``We have been very successful so far (with sponsorship). We are very confident, but one ever knows.''

He said local sponsorhsips have exceeded the 2012 London Olympics, which totaled about $1.2 billion.

``We have been able to reach above what London got for their games,'' Gryner said. ``So, so far so good. But you always have to look to the economic scenario. The thing is changing right now. You see our inflation was a little higher than planned. The growth of the Brazil GDP was less than expected. How this will impact on our revenue we can't tell right now.''

Rio organizers are expected to announce their budgets by the end of the year.

Brazil is spending about $13.3 billion of largely public money to stage next year's World Cup. The costs were a flashpoint for two weeks of protests in June during the Confederations Cup, the warm-up for the World Cup. Protesters said the money would be better spend to upgrade schools, a fragile health-care system and a creaky transportation system.

Public spending on the Olympics is expected to be similar to the World Cup, a possible strain in a country with persistent economic inequality.

Gryner said he expected the capital budget - a mix of public and private money aimed at building supporting infrastructure for the Olympics - could be 35 percent above the $11.6 billion listed in the original bid.

---

Follow Stephen Wade at http://twitter.com/StephenWadeAP

AP NEWS
The Associated Press News Service

Copyright 2014
The Associated Press
All Rights Reserved

  
HEADLINES
News: Bettors gearing up for EPL
Barca's Neymar says back improving
Travel ban for Sierra Leone players
Man sues Ronaldo over 'CR7' trademark
Player ordered to trial for fatal punch
Liverpool beats Man City on PKs
Capello to stay on as Russia coach
Everton signs striker Lukaku for $47M
Glazers set to raise $150M with shares
MORE HEADLINES
 
  
corner graphic
With a VI Gold Membership, you can SAVE 10% off a Live Odds subscription, SAVE 20% off Daily Pick packages, and receive access to up to 1,000 Member Plays each month!