(ATR) On the eve of Christmas, the budget crisis for the Turin Olympics appears to be solved. Olympic supervisor Mario Pescante and the public agency Sviluppo Italia have reached a financing agreement covering â?¬150 million of a â?¬180 million shortfall.
Sviluppo Italia is a state-owned body in charge of promoting economic development.
Pescante says the agreement reached in the past day is a â??miracleâ?, coming just days before a December 28 meeting of the TOROC Board of Directors.
The money will actually come from 160 individual companies controlled by Sviluppo Italia. A part of that contribution will be in the form of sponsorship deals, as opposed to cash.
â?This is truly a great Christmas present. Now we are able to go into 2005 with confidenceâ?, Turin mayor Sergio Chiamparino is quoted by La Stampa newspaper.
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.