VANCOUVER (Canada), May 9: Organizers of the 2010 Olympics in Vancouver released a business plan on Tuesday with a C$1.63 billion ($1.5 billion) operating budget that projects strong ticket demand but concedes that not all events will be sold out.

The long-awaited plan pegs the total cost of hosting the Winter Games at over C$2.1 billion. It says the International Olympic Committee will contribute C$401 million by sharing international broadcasting revenues and making other payments.

“It won't be a loss, and we won't be spending money that we don't have,” Vancouver Organizing Committee (VANOC) Chief Executive John Furlong told reporters. “It's a balanced budget with a $100 million contingency to protect it.”

Vancouver had projected a C$1.3 billion operating budget when it was awarded the games in 2003, but that estimate was later revised to C$1.7 billion because of rising costs and the strengthening of the Canadian dollar.

The 2006 Winter Olympics in Turin had an operating budget of about US$1.58 billion, and ended with a shortfall of about US$32 million, according to figures released in February.

Vancouver's operating budget is in addition to C$580 million in public funding already budgeted by VANOC for venue construction, and does not include security costs that are being covered by the Canadian government and have not been disclosed.

Although officially called the Vancouver Olympics, the competitions will be held both in the Pacific coast city and in the mountain ski resort of Whistler, British Columbia, about 125 km (80 miles) away.— Reuters