MOSCOW, April 7 (R-Sport) - The organizing committee for the Sochi 2014 Olympics and Paralympics posted a profit of around $140 million on Monday.
The Russian organizing committee made money from merchandising but also received funds from the host nation’s government. It did not fund the major infrastructure and construction projects associated with the Games.
“The estimated operating profit which the organizing committee received is in the region of five billion rubles ($140 million) and will go towards the development of mass sport in our country,” organizing committee head Dmitry Chernyshenko said.
Chernyshenko said the organization had made a profit of between 1.5 and 2 billion rubles ($42 million to $56 million) on merchandising, while the rest of the sum was taken from a valuation of property owned by the organizing committee.
The most recent figures for government subsidies for the organizing committee were published in December, when an extra $50 million injection took total subsidies to around $420 million.
The organizing committee for the London 2012 Summer Olympics posted a surplus of over $8 million in its final accounts, while the organizing committee for the Vancouver 2010 Winter Games still exists and as a legal entity and has not posted final financial figures.