December 18, 2007 / 5:43 PM / in 10 years

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.

<p>Vancouver 2010 Olympic Mascots, Quatchi (C), a sasquatch, Miga (L), a sea bear and Sumi, an animal spirit are unveiled in Surrey, British Columbia, November 27, 2007. REUTERS/Lyle Stafford</p>

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.

($1=$1.01 Canadian)

Reporting by Allan Dowd, editing Rob Wilson

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