The surplus revenue will also be divided up with the National Olympic Committee (NOC) and the International Olympic Committee (IOC).

Sochi has already broken an Olympic record by securing $1.2 billion (£760 million/€870 million) worth of sponsorship for the Games, and with further revenues from television rights, ticket sales and other sources, they could be on course to more than double that figure, Chernyshenko told insidethegames during a visit here to attend the International Sports Event Management Conference. 

"We are really confident we will not apply for public money from the state," he said.

"There is an obligation of the state to co-invest in the Games, but my goal is to have this money as profit of the Games."

Chernyshenko has revealed that he has nearly finished signing up Tier One and Tier Two sponsors for Sochi 2014 and is now targetting companies interested in becoming Tier Three partners, which normally requires a financial investment of at least $10 million (£6.3 million/€7.2 million), although much of that is normally offered as value in kind.

"We have got big interest already," he told insidethegames.

Sochi is also currently finalising the plans for the launch of its ticket programme.

They have a total of 1.6 million tickets to sell and Chernyshenko is hoping to emulate the interest generated by London 2012.

"I am inspired by the success of the London Games," he said.

"We have just completed a national survey in Russia to see what interest there is and how much people are prepared to pay for tickets.

"We shall be releasing more details soon."


Chernyshenko was speaking after picking up the Environment and Sustainability Award at the ISEM Conference in London.

Sustainability is a core pillar of the Sochi 2014 plans, which they hope will contribute to a lasting legacy, as well as setting an example to the rest of Russia in corporate responsibility.

The Organising Committee are also continuing to make rapid progress on the construction of Olympic venues, which were praised by the IOC's Coordination Committee last month.

Contact the writer of this story at [email protected]


Related stories
September 2011: Sochi 2014 claiming new Olympic record after raising $1.2 billion in sponsorship