Pocog head says committee will be $55M in the green

The PyeongChang Organizing Committee for the 2018 Olympic & Paralympic Games (Pocog) president Lee Hee-beom said on Tuesday that the committee is expecting a surplus of $55 million from the 2018 PyeongChang Winter Olympics in February.

“We congratulate the Organising Committee of the Olympics Winter Games PyeongChang 2018 for the organization of outstanding Olympic Winter Games, which were extremely successful in all respects,” IOC President Thomas Bach was quoted as saying on the Olympic website. “In recognition of these great achievements, the IOC will contribute its share of the surplus for the benefit of sport in Korea.”

The $55 million surplus far exceeds Pocog’s target of a balanced budget. The organizing committee said the 12 venues will be retained but Gangwon Province and the government are still in discussions regarding the ratio of operation and management costs.

By Kang Yoo-rim