Support The Moscow Times!

Olympics Loses Sponsor to World Cup

LONDON — Organizers of the 2014 Sochi Olympics have lost out on two potential major sponsorship deals but still expect to raise another $200 million in commercial contracts to boost their record revenues.

Sochi organizing committee president Dmitry Chernyshenko said Tuesday that diamond giant Alrosa recently backed out of a deal with the Olympics in order to pursue a sponsorship with organizers of the 2018 World Cup.

He said the deal with Alrosa would have been worth at least $100 million.

Chernyshenko said a potential lucrative deal with Gazprom also fell through, with the company deciding to sponsor the Russian Olympic team instead.

Sochi has already raised $1.1 billion in sponsorship revenue, a Winter Games record. Chernyshenko said more deals are in the pipeline that could be worth $200 million.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

paiment methods
Not ready to support today?
Remind me later.

Read more