Rio 2016 LOC operating at a deficit, Paes concedes ‘missed opportunity’

The Local Organising Committee (LOC) for the 2016 summer Olympic Games in Rio de Janeiro is reportedly running a deficit of between R$400m (€106.7m/$117.5m) and R$500m, while the city’s Mayor, Eduardo Paes, has conceded the multiple issues affecting preparations have meant Brazil has struggled to use the event as a showcase for the country on a global stage.