RIO DE JANEIRO (AP) — Organizers of the 2016 Olympics in Rio de Janeiro have set a new target of generating up to $1.5 billion in domestic sponsorship revenue. That would double what's been sold to date — $650 million — and easily surpass the $1.1 billion raised for the 2012 London Olympics.
In an exclusive interview with The Associated Press, the chief commercial officer for the games, Renato Ciuchini, calls the new target "very high."
The push for sponsorship money comes as organizers are under pressure to balance the operating budget and avoid a government handout.
Just a few months ago, a top Rio official said $700 million in government aid would be needed to make up for a shortfall in balancing the budget. That's no longer politically tenable.