PARIS (AP) — The operating budget for the Paris Olympics is “under control,” the president of the organizing committee said Tuesday.
With one year to go before the opening ceremony, organizing committee president Tony Estanguet said partnership deals are on track, with 22 new sponsors joining since the start of the year.
“Just recently, we passed the 1 billion euro ($1.1 billion) mark in secured revenue from our partners,” Estanguet said. “This is unprecedented. It’s obviously the first time that a sporting event in France has raised so much money from companies and partnerships.”
Estanguet said the money in investment does not include “a new premium partner with whom we’re in talks.”
Paris organizers are sill negotiating a partnership contract for the 2024 Games with luxury group LVMH.
The organizing committee, known as COJO, has an operating budget of about 4.4 billion euros ($4.5 billion).
Estanguet insisted that 96% of the budget is funded by the private sector, including the IOC, partner companies, as well as the ticketing office and licensing. He added that organizers aim to secure 92% of the budget by the end of the year.
“We continue with enthusiasm and serenity in a bid to achieve this goal,” Estanguet said, adding that ticket sales have also been successful, with 6.8 million tickets already sold.
The overall budget for the Paris Olympics, including the cost of building and renovating venues, is about 8 billion euros ($8.2 billion).
In a separate interview, IOC president Thomas Bach said Paris is on pace to deliver a new type of Olympics that leaders envisioned when they wrote guidelines for an era of streamlined games. Bach said 95% of the city's venues are “existing or temporary,” a nod to an attempt to reverse the decades-long trend of cost overruns involved in building massive stadiums.
“We are living in a time where you cannot look so much at the ‘nice to haves,’” Bach said. “We have to concentrate on the essentials.”
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