The Winter Olympics and Paralympics held in Sochi in February 2014 had revenue totaling 85.4 billion rubles ($1.6 billion), over twice the total indicated during the submission process, the Russian Audit Chamber reported.
"According to the audit results, the Sochi-2014 organizing committee had 85.4 billion rubles in revenue. The organizing committee boosted the total revenue received compared with the sum indicated in the submission to host the Games by 110 percent or 47.6 billion rubles," the Audit Chamber said, based on the results of the audit into remediation of violations identified in monitoring the effective use of state resources used to prepare for and conduct the Sochi Games.
The increase "was the result of the large number of national marketing partners, revenue from which was 220 percent or 33.6 billion rubles greater than planned," the Audit Chamber said.
The cost to organize the Games was 324.9 billion rubles, including 221 billion rubles in private-sector investment, 103.3 billion rubles in federal budget funds and 0.6 billion rubles from the budgets of Krasnodar territory and Sochi.
These costs include the expense of building the sports venues and supporting facilities and the actual organization of the Games, the Audit Chamber said.
The Sochi-2014 organizing committee returned 1.6 billion rubles in unused federal budget subsidies last year.
Hosting the Olympics has not given the desired stimulus to Russia’s economy
All rights reserved by Rossiyskaya Gazeta.
to our newsletter!
Get the week's best stories straight to your inbox