Organizers of the 2010 Winter Olympics said on Wednesday that the world financial crunch will not pose a problem because they are currently flush with cash.
The Vancouver Organizing Committee agreed to a request from Royal Bank of Canada late last year to temporarily cut its line of credit to 30 million Canada dollars from 95 million Canada dollars, an amount likely to be restored as the Games draw closer.
The committee said Royal Bank, which is also a sponsor, asked for the change as part of an effort to tighten its own books amid the economic slowdown, and it did not reflect any concern about VANOC's financial condition.
The 2010 Games organizers reported on Wednesday they ended their last financial quarter with a 53 million Canada dollars surplus, buoyed by strong domestic ticket sales and a payment from the International Olympic Committee.
VANOC has a 1.7 billion Canada dollars operating budget for the Olympics and 2010 Paralympics, and has vowed it will not run a deficit, even though the economic crisis has cut the amount of money available from sponsors around the world.
Organizers were unable to sign up any new sponsors in the last quarter, but said they still expect to meet their budget targets since 95 percent of planned deals have already been completed. The Games begin in February 2010.
(Xinhua News Agency March 26, 2009)
