OC fails to generate expected revenue from CWG
Sports Minister M S Gill on Tuesday informed the Lok Sabha that the Organising Committee (OC) of the Commonwealth Games has failed to generate the expected revenue from the event.
New Delhi: Sports Minister M S Gill on Tuesday
informed the Lok Sabha that the Organising Committee (OC) of
the Commonwealth Games has failed to generate the expected
revenue from the event.
After spending a huge amount of taxpayers` money, the OC
failed to achieve the target revenue of Rs 1708 crore from the
October 3-14 event.
"An amount of Rs 1708 crore was expected to be generated
through revenue by the Organising Committee but it could not
be achieved," Gill admitted while giving accounts of the
revenues generated by ticket sales, sponsorship and
"There were no earnings from advertisements as such. From
the sale of tickets, OC earned 39.17 crore. From sponsorship
amount, Rs 114.15 crore was received against the contracted
value of Rs 375.05 crore and from international TV rights, Rs
173.71 crore was received against the contracted value of Rs
213.45 crore," Gill told the House.
Asked to reveal the details of the total amount of funds
spent and the sources from which the funds were mobilised and
obtained including those from external agencies for conducting
the Games, Gill said, "an amount of Rs 1669.42 crore was given
by the government of India to the OC as loan for the
organisation of the Games, against the total approved amount
of Rs 1813.42 crore.
"In addition, Rs 687 crore was given for Overlays
(temporary fittings and fixtures) and Rs 87 crore as grant for
Timing, Scoring and Result System (TSR) had also been approved
as a loan to the OC. Out of the above, Rs 557.40 crore has
been released for Overlays and Rs 81 crore for TSR and Sports
Equipment," the sports minister added.
Gill also said the funds from the external agencies
had been received in respect of sale tickets and sale of
international TV rights.
"From the TV rights, USD 37,764,101 (equivalent to Rs
173.71 crore) has been received till date which does not
include USD 5.05 million (Rs 23.23 crore) withheld as Tax
deducted at source from the payments of Network Ten in
Australia," the minister said.