Eight New Sponsors, Major Venue Openings Highlight Second-Quarter Financials for TORONTO 2015 Pan Am/Parapan Am Games

TORONTO, Nov. 10, 2014 /CNW/ - Corporate Canada is continuing to be a strong supporter of the TORONTO 2015 Games, with Barrick Gold Corporation, Imperial, OLG, Garrett Metal Detectors, Live Nation, CN Tower, Ontario Trillium Foundation and Siemens Canada, joining its sponsorship family since July.

The details are part of the TORONTO 2015 Pan Am/Parapan Am Games Organizing Committee's (TO2015) public financial reporting on the fiscal period ending September 30, 2014 (FY 2015, Q2).

TO2015's latest financial graphs and infrastructure budget are available at TORONTO2015.org. The 2015 Q2 financials have been reviewed by both the TO2015 Board of Directors and Audit Committee.

TO2015's senior leadership team will be available to the media at 1 p.m. (ET) today. For details on how media can dial in, please see below.

To date, TO2015 has announced 35 companies as Premier Partners and Official Suppliers of the Games, 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, TO2015 had secured $120.6 million in sponsorship revenue, including cash and value in kind goods and services. 

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.

Atos Markham Pan Am/Parapan Am Centre, Pan Am/Parapan Am Fields and President's Choice Ajax Pan Am Ballpark have all opened and hosted national or international sporting events. The upgraded Etobicoke Olympium, which will be used as a training venue for the Games, also reopened in mid-October for swimming clubs and other community groups.

Late in the second quarter, the Ontario government also announced it would invest up to $74 million in additional funding to help with Games operations.

These funds have been distributed among the functional areas and accordingly TO2015's business plan has been updated with September actuals; therefore, the second quarter and year-to-date results will not reflect any variances.

In the second quarter, TO2015's operating expenses were $27.6 million and were predominantly spent in the areas of technology, events and ceremonies, sport operations, community and cultural affairs, and overlay. To date, the Organizing Committee has spent $181.7 million or 24 per cent of its total operations budget of $756.6 million.

TO2015's total venue construction expenditures were $47.7 million. Project-to-date venue construction expenditures amounted to $509 million, representing 75.7 per cent of the total capital budget of $672 million.

In this quarter, TO2015 incurred:

• $23.1 million on the CIBC Hamilton Pan Am Soccer Stadium ($123.3 million since inception).
• $4.2 million on the CIBC Pan Am/Parapan Am Aquatics Centre and Field House ($177.5 million since inception).
• $3.9 million on the CIBC Pan Am/Parapan Am Athletics Stadium ($34.2 million since inception).
• $4.6 million on the Cisco Milton Pan Am/Parapan Am Velodrome ($40.6 million since inception).
• $11 million on the Atos Markham Pan Am/Parapan Am Centre ($71.8 million since inception).
• And the balance on other smaller projects.

Other recent highlights include:

• The three-week early request phase of the ticketing program for the Pan Am Games officially closed on October 6 at TORONTO2015.org/tickets. Tickets go back on sale on a first-come, first-served basis, starting Monday, December 8. Parapan Am Games tickets go on sale in the spring of 2015. The ticketing system is operated by Ticketmaster, a division of Live Nation.
• TO2015 opened its torchbearer contest on October 1 with the help of Canadian astronaut Col. Chris Hadfield and Canadian Olympic gold medallists Simon Whitfield and Catriona Le May Doan. Three-thousand torchbearers are needed to run with the Pan Am Flame, starting on May 30. Entries will be accepted until December 1 at TORONTO2015.org/torch-relay. The TORONTO 2015 Pan Am Torch Relay, presented by President's Choice® and OLG, will visit more than 130 Ontario communities and five cities across Canada.
• TO2015 successfully hosted the 41 National Olympic Committees (NOCs) at its NOC Chefs de Mission Seminar for the Pan Am Games, from September 16 to 19, followed by the 27 National Paralympic Committees at its NPC Chefs de Mission Seminar for the Parapan Am Games, from October 27 to 31. The team leaders toured new competition venues, the CIBC Pan Am/Parapan Am Athletes' Village and spoke with members of the Organizing Committee to get an in-depth look at preparations for the Games.
• More than 38,000 volunteer applications have been received to date at TORONTO2015.org/volunteer. The volunteer program is presented by Chevrolet.

TO2015 Budget Background
The overall budget for the TORONTO 2015 Games includes the costs of overlay, some essential services and the need for appropriate contingencies for the capital and operating components. It has been reviewed and confirmed by independent third-party financial experts and by experts in staging large-scale, international, multi-sport events.

When it announced its budget in May 2012, TO2015 committed to regular updates to the public. Today's Quarterly Report is the ninth in an ongoing series of regular, quarterly organizational updates as the Organizing Committee moves forward to Games time.

Like the Province of Ontario, TO2015's financial reporting follows the fiscal year, which ends March 31, rather than the calendar year, which ends on December 31. This is why the bulk of the Organizing Committee's operating expenses, for example, will be paid in fiscal year 2016; though occurring in the summer of 2015, the Games will take place during the second quarter of fiscal year 2016. The next Quarterly Report will be released in early 2015 and will cover the third quarter of fiscal 2015.

TO2015 Quarterly Report Media Conference Call Details

When:		Monday, November 10, 2014
		1 p.m. to 2 p.m. (ET)
Who:		Saäd Rafi, chief executive officer, TO2015
		Allen Vansen, executive vice-president, operations, sport and venue management, TO2015
		Barbara Anderson, chief financial officer, TO2015
		Katherine Henderson, senior vice-president, marketing and revenue, TO2015

To access the conference call by telephone, dial toll-free 1.800.891.8794 within North America. Please connect approximately 10 minutes prior to the beginning of the call.

About TO2015
The TORONTO 2015 Pan Am/Parapan Am Games Organizing Committee (TO2015) is tasked with managing and delivering the Games. It is working to bring some of the world's best athletes and artists to the Greater Golden Horseshoe region, giving Ontarians a unique chance to be part of the action, and making the region a hub for sport.

The TORONTO 2015 Games are funded by the Government of Canada, the Province of Ontario, as well as Lead Partner CIBC and other partners and sponsors.

The TORONTO 2015 Pan American Games will take place July 10–26 and the Parapan American Games August 7–15.

For more information about the Games, please visit TORONTO2015.org.

SOURCE: Toronto 2015 Pan/Parapan American Games

Teddy Katz, Director, media relations and chief spokesperson, TO2015, 416.957.2117, [email protected]