Turin organisers fill 2006 winter games budget gap

Ending months of uncertainty, the organisers of Turin's 2006 Winter Olympics said today they had plugged a hole of over 150 million euros ($277 million) in their budget which had threatened preparations for next year's Games.

The shortfall in the over 1.1 billion-euro budget emerged after some key sponsors pulled out, leaving the organisers cash-strapped less than a year before the start of the Olympics.

Today, Turin's Olympic committee TOROC said they would be able to raise an additional 160 million euros of financing through a locally-funded financial holding, Torino Evolution.

Torino Evolution would be charged with covering some additional parking and transport costs.

Earlier this month, organisers replaced chief executive Paolo Rota with Cesare Vaciago to give a fresh start to the so-far troubled organisation of the February 10-26 Games.

- REUTERS