Notification of its closing has been published in The State Registration Bulletin, with a Liquidation Commission now carrying out its work.

At its height - at the start of the Games - the Organising Committee employed 53,000 members of staff, both permanent and temporary.

It was established on October 2 2007, three months after the Russian city beat bids from Salzburg in Austria and Pyeongchang in South Korea.

The Organising Committee was responsible for planning, organising and staging the Games.

Its founders included the Russian Olympic Committee, the Ministry of Sport, Tourism and Youth Policy and the Administration of the City of Sochi.

The Games posted an operating profit of RUB9 billion (£148.8 million/$249.7 million/€186.4 million).

All earnings from Sochi 2014, including money and transferable property, have been "re-invested in the development of sport in the Russian Federation and socially significant projects", said a spokesperson.

The Sochi 2014 Olympic and Paralympic Games posted an operating profit of RUB9 billion ©Getty Images



"The majority of property was distributed to the Olympic and Paralympic Committees of Russia, organisations reporting to the Russian Ministry of Sports, the Ministry of Physical Culture and Sports of Krasnodar Region, as well as the Administration of Sochi," they added.

Sochi 2014 generated a total income of $1.3 billion (£774 million/€970 million) from its marketing programme, with 1.1 million tickets sold.

More than 2,800 athletes competed in the Olympic Games from February 7 to 23, competing for 98 sets of medals in seven sports.

Russia topped the medals table with 13 gold, 11 silver and nine bronze.

The host nation also topped the Winter Paralympic Games medals table, with 30 gold, 28 silver and 22 bronze.

It ran from March 7 to 16, with more than 500 athletes taking to the snow and ice.