Russian oligarchs foot Olympics bill
SOCHI, Russia (AP) — The mountains of Sochi are now home to Potanin’s slope, Gazprom’s gondola lift and Sberbank’s ski jump. The nicknames used by locals and an army of construction workers leave no doubt about who is paying for the 2014 Winter Games: Russia’s business powerhouses.
Other countries that have hosted the Olympics have overwhelmingly used public funds to pay for the construction of needed venues and new infrastructure. The Russian government, however, has gotten state-controlled companies and tycoons to foot more than half of the bill, which now stands at $51 billion and makes the 2014 Winter Games by far the most expensive Olympics in history. In contrast, the much-larger 2012 Summer Olympics in London cost about $14.3 billion and the 2008 Summer Games in Beijing cost about $40 billion.
For President Vladimir Putin, the games have been a matter of pride. He has entrusted the country’s top businessmen with Sochi’s key projects.