"The IOC will provide the Beijing Organizing Committee with more than US$1 billion for the costs of the 2008 Games," Michael Payne, IOC marketing director, told Tuesday's press conference in Beijing.

Payne has just concluded his two-day visit here, where he talked with the preparatory office of the 2008 Olympic Games organizing committee and discussed how to proceed with the marketing program of the Games.

The US$1 billion came mainly from two major sources: the television rights sales and international sponsorship, said Payne.

Well before the IOC voted in July to choose Beijing as the 2008 host, it has completed the television broadcast sales for the Games, with 49 percent of the revenue going to the Beijing organizers.

Besides, four international sponsors including Coca Cola, Kodak, Schlumberger-Sema and Swatch had already renewed their four-year sponsorship deals with the IOC for the 2008 Games, he said.

"We will announce several more sponsors in coming months," said Payne. "Internationally there has been tremendous interest and tremendous support for the Beijing Games, which bodes very well for the future."

Before arriving here last weekend, Payne has just accompanied IOC president Jacques Rogge to tour America, Japan and South Korea, where they met IOC sponsors, along with broadcasters and other business leaders.

"They congratulated IOC's decision to select China and they are looking forward very much to continuing their partnership with the Olympic Movement, 2008 Olympic Games and beyond," said Payne.

He added that after having "excellent" meetings with the Beijing officials, the IOC will continue close cooperation with the organizers to ensure the finalization of the marketing program early in 2003.

"In the coming 12 months, we will work closely with the organizers to define the marketing program which we expect and hope will be in early 2003," Payne said.

(People's Daily October 31, 2001)