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Rio Olympics Local Committee Has Deficit of Up to $151 Million

Deficit runs just 25 days before the games begin
By The News · 11 of July 2016 17:16:24
A man works near the 2016 Rio Olympics Park in Rio de Janeiro, No available, photo: Reuters/Bruno Kelly

RIO DE JANEIRO – The local organizing committee for the upcoming Rio Olympics is running a deficit of between 400 million and 500 million reais ($121 million to $151 million), a source with direct knowledge of the committee’s finances told a news agency on Monday.

The local committee’s privately funded budget is what is used to operate the Games; it is not public money which is used for infrastructure or venues.

The deficit, challenging organizers 25 days before the games begin, represents about 6 percent of the local committee’s budget and just over 1 percent of the total projected cost of 40 billion reais to host the Olympics.