China says it will grab gold
Beijing's Olympic marketing campaign is going so well that the 2008 Games could generate millions of dollars in profits, state media reported yesterday.
The International Olympic Committee (IOC) expected Beijing to surpass Los Angeles's 1984 Olympic profit record of $220 million.
Chinese organisers have set a more modest profit target of $16 million, Xinhua news agency reported.
Since the Los Angeles Games, most hosts have struggled even to break even as the costs of running the Olympics have soared.
Beijing's Olympic organisers had already forged deals with 10 domestic sponsors on top of the 11 companies that had signed global sponsorship deals with the IOC, Xinhua said. "We would like to see $US1 billion ($A1.4 billion) in sponsorships, but there is much to do to reach that figure,'' Jiang Xiaoyu, vice president of the Beijing organising committee (BOCOG), was quoted as saying.
While around one quarter of that goal could come from Beijing's share of the global sponsorships, Chinabased companies should pour in most of the cash, Xinhua said.