The operating budget of the Paris Olympics is «under control», the president of the organizing committee said on Tuesday.

With a year to go before the opening ceremony, organizing committee chairman Tony Estanguet said the partnership agreements are on track, with 22 new sponsors joining since the start of the year.

«We recently passed the $1.1 billion mark in guaranteed revenue from our partners,» Estanguet said. «This is unprecedented. It is obviously the first time that a sporting event in France has raised so much money from companies and associations.»

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Estanguet said the investment money does not include «a new premium partner with whom we are in talks.»

Paris organizers are still negotiating a partnership contract for the 2024 Games with luxury group LVMH.

Paris 2024 Olympic Games Organizing Committee President Tony Estanguet poses after a tryout for the Paris 2024 Olympic Games opening ceremony on July 17, 2023. (AP Photo/Aurelien Morissard)

The organizing committee, known as COJO, has an operating budget of around $4.5 billion.

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Estanguet insisted that 96% of the budget is financed by the private sector, including the IOC, collaborating companies, as well as the ticket office and licenses. He added that the organizers aim to secure 92% of the budget by the end of the year.

«We continue with enthusiasm and serenity in our bid to achieve this goal,» said Estanguet, adding that ticket sales have also been a success, with 6.8 million tickets already sold.

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The total budget for the Paris Olympics, including the cost of construction and renovation of the venues, is about $8.2 billion.