London 2012 has managed to raise over £700 million ($1.1 billion) in a difficult economic climate but have faced criticism by having nearly 50 companies involved, therefore reducing the benefits for sponsors.

In stark contrast, Rio 2016 has already generated $648 million (£393 million) of their $1.2 billion (£750 million) sponsorship target from just two recent local sponsorship deals.

The 2016 Organising Committee signed a huge deal of over $320 million (£196 million) with Brazilian bank Bradesco - more than double the estimated £80 million ($132 million) Lloyds TSB paid London 2012 to become the official banking provider of the 2012 Games - as well as a deal with a communications consortium of Embratel and Claro to put them over halfway towards achieving their $1.2 billion (£750 million) mark.

Following the success of the two sponsorship deals, Gryner claimed Rio 2016 will adopt a strategy of signing the smallest amount of sponsors to increase their benefits by not "cluttering" the marketplace.

"As a nation we are not looking for profit and will reduce the number of sponsors rather than go for more money," he said

"The minimum figure we were looking for in banking was $320 million (£196 million) and the winning bid was beyond that number.

"This is a world record for any Olympic Games.

"The target is not to need any funds from the Government.

"We want to only use private money.

"If we manage to get the money we need to stage the Games we will look to reduce the number of sponsors, to reduce the clutter and make it better for our partners."

Gryner added that the Rio 2016 Organising Committee are able to sign huge sponsorship deals and reduce the number of sponsors because despite the worldwide recession, Brazil's economy has been largely unaffected and is among the world's best performers.

Last month, the country's Central Bank raised its estimate for foreign investment for the year to $55 billion (£33 billion) from an earlier $45 million (£27 million) while the economy expanded by 7.5 per cent last year.

"We had a good competition in the market," Gryner revealed.

"The Brazilian economy is booming so we have many companies coming to bid."

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