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 yesterday.
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 six percent of the local committee’s budget and just over one percent of the total projected cost of 40 billion reais to host the Olympics.
