Sochi Olympic Organizers Report $261 Million Profit

Organizers said they posted a provisional surplus of $261 million on the Winter Olympics in Sochi.

The figure is $119 million higher than a previous profit figure reported in April, but is still dwarfed by the government subsidies given to the organizing committee, valued at $420 million in December.

Sochi organizing committee chief Dmitry Chernyshenko said all the profit will be "oriented toward the development of sport in Russia," with plans to provide "a significant sum" to Paralympic sport.

The organizing committee promised final results by the end of the year.

The surplus is only from the organizing committee, which had an operations budget of about $2 billion. It does not cover any construction or infrastructure costs. Russia's overall spending for the games totaled $51 billion.

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