United States: IOC to cover VANOC deficit with a 20 m dollar guarantee.

TendersInfo | October 30, 2009 | Copyright

Byline: kusumv03

Unbalanced budgets and a lack of sponsors have had the Vancouver Olympic Organizing Committee fearing for the success of the Vancouver Games, but a 20 million dollar guarantee from the IOC is said to have secured the 2010 Winter Games.

This summer, the IOC and VANOC reached an agreement for an extraordinary donation from the IOC in order for VANOC to overcome these economic obstacles, which are in part due to the economic downturn. Canadian media now reports that the sum donated by the IOC will be 20 million dollars.

The IOC money ...

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