Sochi opens 2014 Russian sponsorship bids

MOSCOW (AP) -- Russian Olympic organizers opened the bidding process for domestic sponsorships that will help fund the 2014 Winter Games in Sochi.

The Sochi organizing committee said Thursday it was seeking top-tier sponsors in six categories -- metallurgy, oil, gas, banking, telecommunications and sportswear and apparel.

The sponsors will be granted exclusive rights to use the Sochi 2014 trademark for the next eight years. The announcement comes as organizers insist that Olympic preparations aren't being affected by Russia's mounting economic woes.

But the crisis could influence the amount of money gained from sponsorships, organizers' spokesman Gennady Shvets said.

The Black Sea resort has a $12 billion budget to build nearly all venues from scratch for Russia's first Winter Olympics. Russia's biggest corporations are struggling to attract financing for the costly projects.

Domestic bidding is separate from the global sponsorship run by the International Olympic Committee.

Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.