updated 11:44 p.m. ET Feb. 6, 2009

COLORADO SPRINGS, Colo. - Here’s another big business that needs a bailout: the Olympics.

With a year to go before the start of the Winter Games in Vancouver, much of the focus is on making ends meet.

The organizing committee has dipped into its contingency fund to the tune of $40 million to cover rising costs because of the slowing economy. The city just approved a new budget that will allow it to borrow $350 million or more to take over building of the athletes’ village after the original lender stopped payment.

The Vancouver Games, which begin Feb. 12, 2010, have an operating budget of $1.63 billion — a $104 million increase over the original budget that was developed about two years ago.

Yet those in the Olympic movement say that’s still an acceptable amount to pay for the world’s biggest sports extravaganza, even in rough financial times.

“There’s no shortage of cities willing to put forth the energy and effort and economic considerations to host the Summer or Winter Games,” said Jim Scherr, CEO of the U.S. Olympic Committee, which wants to bring the 2016 Summer Games to Chicago at the cost of $4.7 billion. “From that perspective, things are robust, the movement is being served.”

Still, the sour economy impacts more than just the municipalities trying to put on a good show. It trickles down to individual athletes, especially those who compete in less-popular sports.

Apolo Anton Ohno, winner of five medals over the last two Olympics and hoping to close out his career in Vancouver, said speedskating is doing fine in the lead-up to the games. But because the sport doesn’t have a huge membership, or big TV revenues, funding threatens to go downhill quickly after the games.

“The current state of the global recession has taken its toll on funds for post-2010,” he said. “That’s where it’ll be kind of scary to see what’s set up. Usually, there’s a lot of reserve in the bank. It will be interesting to see how they’ll be able to swim through the uphill stream this time.”

Despite the rough economy, the USOC has increased its financial assistance to national governing bodies for winter sports by 49 percent, from $8.9 million in 2004-05 to $13.3 million in 2008-09.

And for top athletes like Ohno, sponsorship deals can help augment the cost of living and training, though he expects a bit of a pullback there, as well.

“Now, instead of throwing money this way and that, they’re looking for value, maybe something with some longevity,” he said.

Those who are lower on the food chain have found themselves scrambling even more.

Bobsledder Brock Kreitzburg, a 2006 Olympian who is trying to overcome an injury and make the 2010 team, recently lost a chunk of money when Home Depot decided not to renew its USOC sponsorship that included a jobs program for American Olympians.

Kreitzburg will still get support from the USOC, but without the job, he has to find other ways to pay the rent.

“I’ll get work, raise my own sponsors,” Kreitzburg said. “I’ve been there, done that. At one point, I stopped asking people for money because I got tired of people telling me ’No.’ It’s a pride issue, as well. But you do what you have to do.”

As almost every athlete knows, a good performance brings with it more than just a gold medal.

The athletes get a $25,000 bonus for gold, $15,000 for silver and $10,000 for bronze, but the buzz that an emerging star can generate if he or she gets on a roll affects way more than that.

On an individual level, there are endorsements, appearances, book deals and more. And shortly after the Winter Games, the International Olympic Committee will delve seriously into negotiations for a TV deal with an American broadcaster to cover the 2016 Games and beyond. TV revenue makes up about 53 percent of the IOC’s income, and U.S. TV dollars provide the lion’s share of that money.

A good American performance in Canada, on top of the United States’ medal-leading effort in Beijing, can only help, as advertisers and the networks settle on the financial stake they want to invest on the Olympic product.

The United States won 25 medals in Turin in 2006, down from the 34 it won in Salt Lake City, but still a success because it nearly doubled the best output for the American team in an Olympics on foreign soil.

Scherr is making no predictions this time out, other than to say that several countries — including Germany, Norway, 2014 Winter Games host Russia and, of course, Canada — are matching America step for step in trying to build strong programs.

“That said, we’re going to field a very competitive team,” Scherr said.

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