Vancouver 2010 congratulates the Government of Canada for investing in Canadian winter athletes and Own the Podium 2010

    VANCOUVER, March 19 /CNW/ - The Vancouver Organizing Committee for the
2010 Olympic and Paralympic Winter Games (VANOC) congratulates the Government
of Canada on its continued commitment to Own the Podium 2010 (OTP) through the
2007 federal budget announced today.
    As a founding partner of Own the Podium 2010, VANOC is committed to
securing $55 million of the $110 million funding for OTP through corporate
partnerships and the Province of British Columbia. The other half of the
funding for OTP has been secured through the Government of Canada. Budget 2007
accelerates the federal contribution in order to ensure that Canadian athletes
will have the security of uninterrupted training. The early advancement of the
government's $55 million contribution is necessary as a significant portion of
the privately raised funds will come closer to the Games.
    "In the eyes of Canadians, a large part of our success in 2010 will be
defined by the achievements of our Canadian athletes," said John Furlong,
VANOC Chief Executive Officer. "The additional support is a great reminder of
how the Government of Canada and Canadian companies, along with the Province
of British Columbia, are working together to guarantee Canadian athletes the
support they need to train and prepare for the Games in 2010. With the funding
now guaranteed by the Government of Canada, we look forward to building on the
tremendous support we have already received from our corporate partners."
    Today's federal budget also includes legislative amendments made by the
Government of Canada to provide tax relief in a number of key areas
specifically benefiting the 2010 Games. VANOC has been engaged in discussions
with the Canada Revenue Agency and the Department of Finance on this matter,
and is pleased to see the government has taken swift and fair action to
address several outstanding tax issues.

    VANOC is responsible for the planning, organizing, financing and staging
of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The
2010 Olympic Winter Games will be staged in Vancouver and Whistler from
February 12 to 28, 2010. Vancouver and Whistler will host the Paralympic
Winter Games from March 12 to 21, 2010.

For further information:

For further information: Media Contacts: Chris Brumwell, Vancouver 2010,
(778) 328-6269; Mary Fraser, Vancouver 2010, (778) 328-3667

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