The IOC's marketing head on Monday warned that organizers for the 2016 Rio de Janeiro Games are facing tough conditions trying to sell local sponsorships for South America's first Olympics.
Speaking Monday before the International Olympic Committee's general assembly in Buenos Aires, Norway's Gerhard Heiberg said companies are less willing to invest in sponsorships because of Brazil's slowing economy.
Leo Gryner, chief operating officer of the Rio organizing committee, acknowledged last month that $700 million in government money might be needed to balance the operating budget for the games if there is a shortfall in local sponsorships.
Rio's organizing committee exceeded its initial sponsorship target of $440 million. Heiberg said Beijing 2008 and London 2012 each reached about $1.2 billion in local sponsorships, and many expect Rio to have a similar target.
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Heiberg, head of the IOC marketing commission, did not reveal any current Rio sponsorship numbers.