Vancouver Games beating sponsorship goals
VANCOUVER, British Columbia (Reuters) - Organizers of the 2010 Winter Olympics in Canada raised nearly C$38 million ($38 million) more than expected from sponsorship deals this year, according to a financial report on Tuesday.
Venue construction for the event remains on schedule and within the C$580 million budget, the Vancouver Organizing Committee said in its report on the fourth quarter of the 2007 fiscal year.
VANOC had set a goal of raising C$65 million from domestic sponsorship deals in the fiscal year ended October 31, but ended up bringing in C$102.5 million.
VANOC has signed a total of C$691 million in sponsorship deals, putting it within 90 percent of its goal of raising C$760 million before the competition begins.
Organizers have pegged the total cost of hosting the Games on Canada's Pacific coast at C$1.6 billion, including the venue construction costs that are being funded by the federal and provincial governments.
The budget does not include billions of dollars being spent on security and Games-related infrastructure, such as a rebuilt highway to the mountain resort of Whistler where some of the events will be held.
(Reporting by Allan Dowd, editing Rob Wilson)
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