PyeongChang 2018: the Organising Committee of the Olympic Winter Games announces a surplus of $55m

"The president of the PyeongChang 2018 (Olympic Winter Games) Organising Committee (POCOG), Lee Hee-beom, has announced that his organisation has achieved a surplus of at least $55m (€46m on 09/10/2018)," said the IOC, on 08/10/2018. The POCOG had a budget of $2.4bn (€1.9bn in February 2018), including an IOC contribution of $880m (€708m). 

"Any surplus from the organisation of the Games is normally divided between the IOC, the Organising Committee and the host National Olympic Committee for the benefit of sport and the Olympic Movement. The POCOG's ability to create a surplus was assisted by the implementation of Olympic Agenda 2020 and the philosophy behind its New Norm," continued the IOC.

"Korean organisers were able to benefit from cost-reducing or revenue-increasing measures such as the first turnkey solution delivered by the IOC to a Games organiser with the Olympic Information Service; 30,000 accredited seats being given back for public sale; no secondary 'mountain' International Broadcast Centre (IBC), a 30% smaller IBC; and a Main Press Centre (MPC) that was moved to an…