With a string of new deals expected in coming months, the landmark could even be reached before the end of this year – with more than four years still to go before the Games take place.

 

Given that no Summer Olympics raised this much until last year's Beijing Games, it would be a truly remarkable achievement, underlining both the good health of the Olympic Movement at large and Russia’s impressive ability to mobilise support behind a national project.

 

Dmitry Chernyshenko, chief executive of the Sochi 2014 Organising Committee, said at today’s Global Sports Industry Congress in London that he hoped to be able to announce new partners in the insurance, gas and rail transport categories by the end of this year.

 

Pressed on whether, with something like $850 million (£520 million) worth of deals already signed, he could now be sure that the $1 billion landmark would be exceeded, Chernyshenko replied: "It should be more than a billion, hopefully."

 

Volkswagen were recently unveiled as Sochi’s latest Tier One sponsor, in the automobile category, adding their name to a list that already included Russian companies such as MegaFon, Rostelecom, Rosneft, Sberbank and Aeroflot.

 

The two most recent Winter Olympics at Salt Lake City in 2002 and Turin in 2006 raised $494 million (£302 million) and $348 million (£213 million) respectively from domestic sponsorship.

 

The International Olympic Committee recently agreed to assist Vancouver 2010 Winter Games organisers if, as feared, they incur a deficit caused by the recession’s impact on corporate sponsorship.

 

The global financial crisis could hardly have come at a worse time for the Canadian west coast city.

 

Chernyshenko also disclosed that profits made by the Sochi organising committee would be distributed according to the following proportions: 60 per cent for sports development in Russia; 20 per cent for the Russian national Olympic Committee; and 20 per cent for the IOC.
 

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