SYDNEY, Australia (AP) -- Organizers of the Sydney Olympics have received an $84.8 million bail out package from the New South Wales state government as the cost of staging the Games continues to balloon.
State treasurer Michael Egan revealed Tuesday that SOCOG president and Olympics Minister Michael Knight had approached him after it became clear organizers could not play host to the Games within its current budget.
Egan said the additional revenue would be allocated from the state's budget surplus.
Of the $84.8 million, half would be reserved for contingencies and would replace the $30.3 million in contingency funds SOCOG had already spent.
The rest would be allocated for immediate use to cover blowouts in sponsorship revenue and the increased cost of selling and distributing tickets.
The Olympic Coordination Authority would receive $10.9 million for venue services which SOCOG has already contracted to it, including waste collection.