Pyeongchang organizers at 70 percent of sponsorship target

Associated Press

February 5, 2016

        

Construction cranes sit idle at the site of a hockey arena under construction in Gangneung, South Korea, Friday, Feb. 5, 2016. Officials held a media tour on Friday of venues for the upcoming 2018 Pyeongchang Winter Olympics, ahead of a World Cup skiing event this weekend that will be the first test event for the 2018 Games.

JEONGSEON, South Korea Organizers for the 2018 Pyeongchang Olympics say they have gathered 70 percent of their target goal of 870 billion won ($728 million) for domestic sponsorships.

Organizing committee head Cho Yang-ho says "a few (deals) are not finalized but I have full confidence that we can meet the target."

Cho adds that discussions are ongoing with 20 companies, saying "if we exceed it we can leave a legacy fund."

The list of Tier 1 partners currently includes KT (Korea Telecom), Youngone Outdoor (The North Face), Korean Air, Samsung electronics, Hyundai-Kia Motors and SK Group.

Organizers say the projected budget for infrastructure is $11 billion, including a new high-speed railway connection from Incheon international airport.