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Rio Olympics local committee has deficit of up to $151 million - source

Reuters
NEWS
6   //    12 Jul 2016, 04:42 IST
Workers are pictured in the tennis venue at the 2016 Rio Olympics Park in Rio de Janeiro, Brazil, July 11, 2016. REUTERS/Bruno Kelly
Workers are pictured in the tennis venue at the 2016 Rio Olympics Park in Rio de Janeiro, Brazil, July 11, 2016. REUTERS/Bruno Kelly

RIO DE JANEIRO (Reuters) - 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 Reuters 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.

(Reporting by Rodrigo Viga Gaier)

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