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Sochi officials proclaim 2014 Olympic Games a financial success

Officials say #Sochi Games turned profit of more than $261 million

The 2014 Sochi Olympics may have set an expensive record with an estimated $51-billion price tag, but organizers are saying they made money on the Games.

The Sochi 2014 committee's supervisory board reported Thursday that operating profit -- including cash and transferable property -- totaled about nine billion rubles.

That's more than $261 million.

"The Games in Sochi will continue to set records, even after their completion," Dmitry Chernyshenko, the committee's president, said in a statement. "Financial indicators show that these were the most successful Games compared to previous editions, and all earnings will be directed to the development of sport in Russia."

No details were given about the reported revenues. Government officials had previously called the $51-billion cost estimate greatly exaggerated.

On Thursday, officials also said research from various sources shows the Olympics exceeded the expectations of 94% of Russians and that an estimated 75% of the population believe "the main legacy of the Sochi Games will benefit Russia for many years to come."

Twitter: @LATimesWharton

 

Copyright © 2014, Los Angeles Times
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