Sochi Olympic Organizers Report $261 Million Profit

By The Moscow Times

June 19, 2014

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.

… 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.

Continue