(ATR) The board of directors of the Turin Olympics has finally approved a draft budget, but the TOROC funding saga is not quite over yet.
A new board meeting on February 4 will be needed to vote on the specifics of the government-backed deal that provided 150 million euros to cover a revenue shortfall and rising costs.
Olympic supervisor Mario Pescante found a way to cover the shortfall by enlisting the help of Sviluppo Italia, a state-owned development agency which agreed to sponsor the 2006 Winter Games.
The Turin committee cannot, as a private company, accept direct financing from the Italian state or its agencies.
Under the terms of the draft agreement approved by the board, Sviluppo Italia will not pay any money to TOROC. It will transfer funds to local authorities, which in turn will be in charge of building infrastructure for the games instead of TOROC.
However, "this is not the only way" that Sviluppo Italia is going to help, a TOROC spokesperson tells Around the Rings.
Pescante and Sviluppo Italia CEO Massimo Caputi now have another month to work out the details.
"Within January the agreement will be perfected, allowing the final definition of the budget," TOROC president Valentino Castellani said in a statement.
The countdown continues for the Around the Rings Golden 25 for 2005, the ninth annual listing of the most influential personalities in the year ahead for the Olympics, now on-line at Around The Rings
The complete Around the Rings Golden 25 for 2005 will be published in an on-line special edition on January 1, 2005.
There will be no regular weekly editions of Around the Rings.Com published on December 24 or December 31.
(Copyright 2004, all rights reserved. The information in this report may not be published, excerpted, or otherwise distributed in print or broadcast without the express prior consent of Around the Rings.)