Vancouver Olympic officials have signed a deal with national real estate company Concord Pacific Developments Inc. to supply some badly-needed space for the 2010 Winter Games.
The deal is valued between $3-and $15 million and includes a cash payment, as well as the use of 4.8 hectares of land in downtown Vancouver during the Games, just behind two key venues.
In exchange, Concord Pacific gets to brand themselves as an Olympic supplier and gets access to tickets and other marketing perks.
Had they not signed the supplier deal, cash-strapped organizers would have had to pay for the land to be used as staging ground for broadcasters and security staff, among others.
But with just over two months to go until the Olympics, John Furlong, the head of the organizing committee, says the deal allows them to focus on getting ready, instead of funding issues.
