Budget for Rio 2016 up 27 percent to $2.93 billion

Thu Jan 23, 2014 4:34pm EST
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By Pedro Fonseca

RIO DE JANEIRO (Reuters) - The operating budget for the Olympics and Paralympic Games in 2016 has jumped 27 percent to seven billion Brazilian reals ($2.93 billion).

Officials told a news conference on Thursday the new total for the combined Games in Rio was less than London spent in 2012, explaining the rise was due to factors like inflation and new technology.

Four sports have been added since the bid was won in 2009 - rugby sevens, golf, paracanoe and paratriathlon - and the revised bill also has more detail.

"Our goal is to hold a magnificent Games. We want to ensure a balanced budget (and) avoid any transfer of public funds to the committee," said Artur Nuzman, president of the Brazilian Olympic Committee and the local organizing team.

Just over half the budget will come from local sponsors while the International Olympic Committee (IOC) will contribute 21 percent.

Around 13 percent is to be raised by ticket sales, nine percent from international sponsors and six percent by licensing and other income.

A quarter of the budget was originally supposed to come from government sources but officials said they would no longer take public money.

That decision comes seven months after the biggest public protests in 20 years erupted on the eve of the Confederations Cup soccer tournament, the test event for the World Cup that will be held in Brazil in June and July this year.   Continued...

President of Brazil's Olympic Committee Carlos Arthur Nuzman attends a conference on the budget for the Rio 2016 Olympic and Paralympic Games in Rio de Janeiro January 23, 2014. REUTERS/Ricardo Moraes