VANOC : Quarterly Report

On March 14, 2008 VANOC released their most recent quarterly report for the period ending January 31, 2008.

The reports highlights include a still rosy financial outlook, increased merchandise sales, and healthy cash surplus.

With just under two years until the Olympic Games commence the organizing committee has spent under a fifth of it's total operating budget of $1.63B. Operation spending will however be considerably ramped up as the start of the games commence.

Strong Olympic merchandise sales will not be reflected until the next quarterly report.

Sponsorship: Closing in on the Goal

VANOC initially set to raise $760M from domestic corporate sponsorship, after the month of March where it saw at least $29M raised it has now secured some $710M of it's goal.

One of the largest, recent sponsors was BC Hydro, signed on as an Official Supplier by pledging $20M worth of services to supply backup power.

To learn more about the sponsors of Vancouver 2010 visit VANOCs webpage.

Official Supplier: Millennium Development Corporation

On March 20, 2008 VANOC announced that Millennium Development Corporation has signed on an Official Supplier of the Vancouver 2010 Winter Olympics. As a supplier they have made a financial contribution in the amount of $3M to the games.

Millennium has had several high-profile, well-received developments in the Greater Vancouver Area. Highlights have included the Water's Edge community in West Vancouver on the shores of the Capilano River and the master-planned 7-tower community in South-Burnaby known as City-in-the-Park.

The City of Vancouver awarded the bid for the Olympic Village to Millennium in 2006. The village will house some 3000 athletes during the games and will be an active athlete community from November 1, 2009 until March 30, 2010. The development is scheduled to be completed by Millennium in October and then it will be handed over to VANOC.

After the athletes have returned to their international homes, the Olympic Village will be handed back to Millennium in April 2010 where it will assume its post-Games legacy design. The first phase of homes has been sold. Phase Two, of the development known as Millennium Water is being marketed by Rennie Marketing with previews starting April 5, 2008.

More info on this from VANOC here.

Official Supplier: Aquilini Investment Group

The Aquilini Investment Group, owners of the Vancouver Canucks and General Motors Place, has inked a deal to provide between $3 and 15M of in-kind services to VANOC. (The figure of $3-15M comes from the threshold of $3M for tier three sponsorship, which this falls under.)

Last year another deal was reached between the two groups to rent the arena for a lump-sum of $18.5M and a daily rate of $110,000.