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.
|Last Updated: Nov 09, 2010, 05:09 PM IST|Source: Bureau
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
advertising.
"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.
PTI
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.