IOC: Sochi Olympics post $50 million operating surplus
RIO DE JANEIRO (AP) — The 2014 Winter Olympics in Sochi recorded a surplus of $50 million in its operating budget.
The number reported on Thursday by the International Olympic Committee executive board was far below the provisional figure of $261 million reported in June by Russian organizers.
Part of the decrease was likely due to the rubles’ loss of value in recent months against the dollar.
The operating budget was only for running the games, distinct from the $51 billion Russia spent building sports venues, housing, and transportation for the games.
The IOC receives 20 percent of the surplus, and said it would transfer $10 million to the Russian Olympic Committee for sports development, the Olympic TV channel, and the Olympic museum in Russia.
The IOC said it contributed $833 million to Sochi’s operating budget, which was about $2 billion. This was an increase of $83 million over previous estimates.