PyeongChang 2018 announces surplus of at least USD 55 million

The surplus is usually divided between the International Olympic Committee, the organising committee and the host National Olympic Committee.

The Winter Olympics logo. (representational image)   -  Getty Images

Lee Hee-Beom, the president of the Pyeongchang 2018 Organising Committee (POCOG), announced that the organisation had achieved a surplus of at least USD 55 million. The announcement was made during Lee's final report to the International Olympic Committee session in Buenos Aires.

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

Any surplus from the organisation of the Games is normally divided between the IOC, the Organising Committee and the host National Olympic Committee (NOC) for the benefit of sport and the Olympic Movement.

The IOC said on its official website that POCOG was able to create a surplus that can be used for the development of sport in the host nation.

The next Olympic Winter Games after PyeongChang will be held in Beijing, People’s Republic of China, and IOC Coordination Commission Chair Juan Antonio Samaranch described Beijing 2022 as achieving extraordinary milestones at an incredible speed.