VANOC confirms International Olympic Committee's commitment to assist financially if required; no open guarantee to cover any deficit

    VANCOUVER, Aug. 27 /CNW/ - The Vancouver Organizing Committee for the
2010 Olympic and Paralympic Games (VANOC) and the International Olympic
Committee (IOC) confirmed today that in response to the challenges VANOC is
facing raising its remaining revenues in the global economic downturn, the IOC
will assist financially if the Organizing Committee has a deficit at the end
of the 2010 Winter Games. However, it is important to clarify that the IOC is
not guaranteeing to cover all outstanding costs or to ensure there is no
deficit at the end of the Games.
    The IOC's support to help mitigate a possible deficit has a limit. It
does not and is not intended to replace the responsibility of the Organizing
Committee and its partners and other entities in respect of their obligations
to stage the Games. And it remains VANOC's responsibility to manage its budget
responsibly to continue to raise revenues to the greatest extent possible and,
if necessary, to cut costs in a strategic manner to maintain a balanced
budget. VANOC also clarified that the IOC has fulfilled all of its obligations
in respect to the TOP sponsorship program.
    VANOC has been in discussions with the IOC for the past several months on
its budget in general and conversations in the past two weeks have resulted in
this commitment.
    "This is a very supportive, generous commitment by the IOC, but in no way
does it guarantee to cover all costs and any deficit at the end of the Games,"
said Dave Cobb, executive vice president and deputy chief executive officer.
"While we now have the confidence we need to spend against our revenue
targets, the economy will challenge us until the Games arrive and the pressure
remains to continue to find additional creative solutions to ensure we
maintain a balanced budget."

    About VANOC

    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. Visit

For further information:

For further information: Media Contact: Vancouver 2010 Media Relations,
(604) 403-1611,

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