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Officials Expect 2006 Winter Olympics to Lose Money

It appears the 2006 Winter Olympics in Turin, Italy, will end up with a loss. Other recent Olympics have turned profits.

After presenting the final report to the International Olympic Committee, Turin 2006 chief executive Valentino Castellani said the deficit was largely down to a sales tax bill of about $32 million.

He said the shortfall will be covered by the city and was mainly due to a "technical problem" related to payment of the value added tax.

The Turin Organizing Committee is due to close down next month after guiding the project through to its completion with the handover and regular use of the new sports facilities and accommodations built for the Games.

The IOC's chief Olympic Games organizer, Gilbert Felli, said the IOC was "pleased in many respects with the Turin Games" especially after trouble trying to get construction finished on time.

Castellani said the final financial figures would be confirmed by the end of March.

Some information for this report was provided by AFP and AP.