The Richmond Olympic Oval has lost about $300,000 in sponsorships, partly because of outstanding issues with the Canadian Olympic Committee (COC) and the International Olympic Committee (IOC) on sponsorship guidelines.
According to documents going to next week’s finance committee, negotiations are on-going with the IOC and the COC about the guidelines and this has “hampered renewal efforts.”
“Staff are actively pursuing a resolution and will be meeting with key decision makers from the IOC in early 2020,” the report states.
City spokesperson Clay Adams said that there was no complaint from the IOC or COC about sponsorships, rather, those negotiating the scope and impact of sponsorships ran out of time to finish before the budget needed to be submitted.
According to the report, written by Rick Dusanj, controller of the Richmond Olympic Oval Corporation, to George Duncan, who serves as the CAO of the City of Richmond as well as the CEO of the Richmond Olympic Oval Corporation, sponsorships have diminished after the heightened awareness of the facility leading up to the Olympics.
Furthermore, in the past, the city was able to help leverage existing relationships to secure sponsorships, but these, too, have diminished.
The 2020 Olympic Oval budget will be dealt with at next week’s finance meeting.
The Oval is expected to have revenues of about $17.8 million next year, with $2.9 million coming from the Games Operating Trust, almost $3.6 million from the City of Richmond and about $9 million from memberships, admissions and programs.
Expenses are estimated at about $15 million with income of about $2.7 million.
Capital projects are expected to come to $1.72 million in 2020, drawing from the Oval corporation’s capital reserves.
Climbing wall extensions underway
The climbing walls at the Richmond Olympic Oval are being renovated and will be extended higher to allow for higher level competitions.
The facility – which has three climbing walls and bouldering - will be closed till the end of February as the rocks are reconfigured and the walls are extended higher.
The higher climbing facility will possibly attract international events to the Oval, according to the report from Duncan to council.
