Rio Olympic CEO says privately-run budget needs public money

MarketsAssociated Press

The CEO of the Rio Olympics says his privately-funded operating budget needs about $30 million in public funding to meet its obligations.

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Chief executive officer Sidney Levy had pledged that only private money would be used to run the games, though that was broken just over a month ago when the committee requested a bailout from the city of Rio de Janeiro and the federal government.

Levy says "we committed ourselves to hosting the games without any public funds, but during the journey there were a lot of ups and downs" that led to the overrun.

Speaking Sunday, Levy said the final figure for the operating budget was $2.8 billion. The dollar-denominated number has fluctuated because of wide swings in that currency's value against the Brazilian real.