VANOC Has No Plan B For Funding

It feels like only yesterday that Vancouver won the opportunity to host the 2010 Winter Olympic Games. When that announcement was given, the economy was still in pretty good shape and we had a bright future ahead of us.

As you know, the financial world is not quite as strong as it was a couple of years ago and this is having a huge effect across the board for many people. So much so, in fact, that the financial situation of some 2010 Olympic sponsors may not be solid enough to continue supporting the Olympics. Worse yet, VANOC does not have a "Plan B" if any of these sponsors choose to back out.

The Olympic organizing committee says that they are so confident that the sponsors won't crack under the economic pressure that there is no need for a Plan B. The organizers have signed contracts for 98% of the $760 million they hope to get from sponsors, but only 40% of that in cash and kind has been received thus far. As if all the other issues weren't enough, now we have another one that may be a cause for concern. Will there be an Olympic bailout?

Source: Canadian Press

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VANOC Has No Plan B For Funding

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