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Sep 9, 2013 6:23 PM by Greg Smith

Olympic marketing head warns of sponsor shortfall

BUENOS AIRES, Argentina (AP) - The head of Olympic marketing is warning that organizers for the 2016 Rio de Janeiro Games are facing tough conditions trying to sell local sponsorships.

Speaking before the IOC's general assembly in Buenos Aires, Norway's Gerhard Heiberg said Monday that companies are less willing to invest in sponsorships because of Brazil's slowing economy.

Leo Gryner, chief operating officer of the Rio organizing committee, said last month that $700 million in government money might be needed to balance the operating budget for the games if there is a shortfall in selling local sponsorships.

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