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​Sochi Olympics made $22 mn profit

Published time: April 16, 2014 15:28
Edited time: April 16, 2014 16:05
Deputy Prime Minister of the Russian federation, Dmitry Kozak (AFP Photo)

Deputy Prime Minister of the Russian federation, Dmitry Kozak (AFP Photo)

The Sochi Games became the first profitable Olympic Games in a decade, surpassing spending by $22 million, says Deputy Prime Minister Dmitry Kozak.

"It is impressive the organizing committee has earned over 800 million rubles more than was spent, this is a good result as in recent years the Olympic Games haven't made a profit," Interfax quotes Kozak as saying.

According to the head of the Sochi 2014 Organizing Committee Dmitry Chernyshenko, the operating profit on the Olympic and Paralympic Games in Sochi, that includes the property which was transferred to sports development in the country, totals around $140 million.

The whole Sochi Olympic Games cost $6 billion, of which $2.7 billion came from central government, the remainder was financed by private companies.

"Distribution of the profit hasn't been done yet. The Organizing Committee, the Sports Ministry and the Ministry of Finance are deciding where the money will go", Kozak said.

The funds will be ploughed back into Russian sport.

"The Russian Olympic Committee and Paralympic Committee of Russia are asking for part of this money. And I think that we will grant both requests", Kozak added.

At the end of March at the council meeting President Vladimir Putin suggested profits from the XXII Winter Olympic Games will be used to develop mass sports. In particular the Russian leader wanted to support the "Sports for all" movement, and also to give help to sports clubs which are located “within walking distance”.

Annually the state budget will allocate $111 million to the maintenance of Sochi’s sport venues and road networks.

As Dmitry Kozak said, the venues which were transferred to Krasnodar Krai, will be financed by the regional budget, while the federal venues will receive funds from the central budget.

Comments (29)

 

Robin Williams 17.04.2014 18:26

The organisation of the Sochi Olympics was faultless and the news coverage showed off their best presenters.

 

Robin Williams 17.04.2014 18:23

The Sochi games were the best the world has ever seen and the most secure. I wish I could have been there, the entire programme was an unmitigated success. Putin is a charismatic leader, it was great to see him visit the badly injured girl.

 

hooya 17.04.2014 16:24

Propaganda at its best and shoddy accounting at its worst. No Olympics has ever made money. The cost of any Olympics, summer or winter, always factors in the cost of infrastructure, road, venues, etc...

The winter games should cost less than the summer games, but Sochi even outspent the Beijing summer Olympics at 44 billions.

At 50+ billions, Sochi wins the gold medal for the most expensive Olympics ever. The Russians making profits from Sochi should be tested for accounting doping.

View all comments (29)
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