Rio organizers may need $700 million in govt money
- Article by: STEPHEN WADE
- AP Sports Writer
- August 2, 2013 - 4:25 PM
RIO DE JANEIRO — Olympic organizers say they may have to use $700 million in government money to meet the operating budget for the 2016 Rio de Janeiro Games.
Leo Gryner, chief operating officer of the organizing committee, said Friday that as conditions now stand "we need this $700 million."
Gryner told The Associated Press earlier this week the operating budget could be as much as $4 billion. The original budget estimate of $2.8 billion was submitted before Rio won the games in 2009.
The operating budget is used to run the games and is separate from the capital budget, a mix of private and public money used to build needed infrastructure.
Gryner says any shortfall was caused by inflation and Brazil's slowing economy.
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