Sochi 2014, most EXPENSIVE Winter Olympics ever. Where did all the money go?

When Russia bid to host its first Winter Olympics back in 2007, the document quoted an expected cost of around $12 billion, writes cnn.com.

However, as the extensive renovation of the city of Sochi has unfolded in the years since successfully winning the rights to stage the Games, that number has ballooned to around $50 billion — more than four times over budget.

It will be the most expensive Olympics yet, surpassing Beijing’s 2008 Summer Games.

Russia’s vaults were emptied due to investments in infrastructure, like  upgrading travel links such as airports and train stations, building new roads, houses, hotels and conference centers and providing the other necessary utilities to welcome thousands of visitors.

H0w much did Russia spent on sports venues and other sports-related developments? Only about USD 6.4 bln according to president Vladimir Putin and his predecessor, the present Prime Minister Dmitry Medvedev. Most of the money went into building 10 competition venues, both down on the Black Sea coast in Sochi’s Olympic area and up in the mountain cluster in Krasnaya Polyana — which not long ago had just one ski lift.

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The Games will launch with the February 7 opening ceremony at the $600 million Fisht Stadium, which will not host any sporting events but will close the Olympics two and a half weeks later.

Romania will be represented by 24 athletes at the 2014 Winter Olympic Games, according to a statement of the Romanian Olympic Committee.

Source: cnn.com (click to enlarge)