Rio Olympics local committee has deficit

 

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 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.