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.

Read more

We need your help now more than ever.

Independent media outlets and journalists in Russia are being increasingly targeted with “foreign agent” and “undesirable” labels, threatening the existence of the free press day by day.

Your donation to The Moscow Times directly supports the last independent English-language news source within Russia.