Paris Olympics operating budget is ‘under control’ according to organizing committee president

The working funds for the Paris Olympics is “underneath management,” the president of the organizing committee mentioned Tuesday.

With one 12 months to go earlier than the opening ceremony, organizing committee president Tony Estanguet mentioned partnership offers are on observe, with 22 new sponsors becoming a member of for the reason that begin of the 12 months.

“Only recently, we handed the $1.1 billion mark in secured income from our companions,” Estanguet mentioned. “That is unprecedented. It’s clearly the primary time {that a} sporting occasion in France has raised a lot cash from firms and partnerships.”

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Estanguet mentioned the cash in funding doesn’t embrace “a brand new premium associate with whom we’re in talks.”

Paris organizers are sill negotiating a partnership contract for the 2024 Video games with luxurious group LVMH.

The organizing committee, often called COJO, has an operating budget of about $4.5 billion.

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Estanguet insisted that 96% of the funds is funded by the non-public sector, together with the IOC, associate firms, in addition to the ticketing workplace and licensing. He added that organizers goal to safe 92% of the funds by the top of the 12 months.

“We proceed with enthusiasm and serenity in a bid to attain this aim,” Estanguet mentioned, including that ticket gross sales have additionally been profitable, with 6.8 million tickets already bought.

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The general funds for the Paris Olympics, together with the price of constructing and renovating venues, is about $8.2 billion.