Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

IOC is Looking for Russian Sponsors

GUATEMALA CITY -- Two days after awarding the 2014 Olympics to Russia, IOC officials said Friday that they would head to Moscow to seek sponsorship money -- perhaps from Gazprom.

Gerhard Heiberg, head of the marketing committee for the International Olympic Committee, said he would be visiting Russia to investigate possible global sponsors for the movement.

"There may be some prospects that have already been in contact with me, so I am going to Moscow to see what we can get," Heiberg told the IOC assembly in Guatemala City. "Whether it's Gazprom or others, at least it sounds really interesting."

Russian officials earlier floated the idea that Gazprom was interested in joining Olympic sponsors.

The IOC now has 12 global sponsors from seven countries. Heiberg said a current sponsorship deal was bringing in $866 million through the 2008 Beijing Games. He said eight companies had agreed to $800 million in deals for the 2010 and 2012 Games, and he is seeking four more. "We hope to pass the $1 billion mark," he said.