By Paul Osborne 

Toronto 2015 has released its second-quarter financials ©Toronto 2015Major venue openings and eight new sponsors were the highlight of the Toronto 2015 Pan American/Para Pan American Games second-quarter financial report.

Since its last report in July, Barrick Gold Corporation, Imperial, OLG, Garrett Metal Detectors, Live Nation, CN Tower, Ontario Trillium Foundation and Siemens Canada have all joined the Toronto 2015 sponsorship family.

These additional companies bring the total number of Premier Partners and Official Suppliers of the Games to 35, with an additional nine Proud Supporters that are providing everything from eggs and boats to advertising and Games-time photography.

By the end of the second quarter, Toronto 2015 had secured CAD$120.6 million (£66.4 million/$104.4 million/€83.7 million) in sponsorship revenue, including cash and value in kind goods and services.

These details are part of the Toronto 2015 Organising Committee's public financial reporting on the fiscal period ending September 30, 2014.

Also in the second quarter, several major venues opened for use by their communities and Canadian high-performance athletes, including the largest new sport build for the Games - the CIBC Pan Am/Parapan Am Aquatics Centre and Field House.

Joining this was the Atos Markham Pan Am/Parapan Am Centre, Pan Am/Parapan Am Fields and President's Choice Ajax Pan Am Ballpark, which have all been opened and hosted national or international sporting events.

The upgraded Etobicoke Olympium, a training venue for the Games, also reopened in mid-October for swimming clubs and other community groups.

The completion of the CIBC Pan Am/Parapan Am Aquatics Centre and Field House was one of the major highlights in the second quarter financials ©Toronto 2015The completion of the CIBC Pan Am/Parapan Am Aquatics Centre and Field House was one of the major highlights in the second quarter financials ©Toronto 2015

Toronto 2015's preparations were given a significant boost in the latter stages of the second quarter when the Ontario Government pledged CAD$74 million (£41 million/$6 million/€51 million) in additional funding to help with Games operations.

The latest quarterly report showed that the operating expenses for the second-quarter were CAD$27.6 million (£15.2 million/$23.9 million/€19.2 million), spent in the areas of technology, events and ceremonies, sport operations, community and cultural affairs, and overlay, moving the total operating costs to CAD$181.7 million (£100.1 million/$157.4 million/€126.1 million) or 24 per cent of the Organising Committee's total operations budget of CAD$756.6 million (£416.3 million/$655.2 million/€524.7 million).

Venue construction for the second-quarter was reported at CAD$47.7 million (£40.7 million/$64.1 million/€51.4 million), leaving the project-to-date venue construction expenditures at CAD$509 million (£280.1 million/$440.7 million/€353.1 million), representing 75.7 per cent of the total capital budget of CAD$672 million (£370 million/$582 million/€466 million).

The majority of this CAD$47.7 million (£26.2 million/$41.3 million/€33.1 million) was spent on the CIBC Hamilton Pan Am Soccer Stadium with further CAD$23.1 million (£12.2 million/$20 million/€16.1 million) used to develop this facility, while the Atos Markham Pan Am/Parapan Am Centre required a further CAD$11 million (£6 million/$10 million/€8 million) for its completion.

A number of other highlights of the second-quarter financials include the three-week early request phase of the ticketing drive, the opening of the torchbearer contest, the 38,000 volunteer applicants and the Chef de Mission seminar which saw 41 National Olympic Committees represented in the Canadian capital.

For more information on the latest financial graphs click here

For more information on the latest infrastructure budget click here.  

Contact the writer of this story at [email protected]

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