The Asian financial crisis is biting into Sydney's 2000 Olympic budget as major sponsors slash their Games costs, an official said yesterday. Chief executive of the Sydney Organising Committee for the Olympic Games (SOCOG), Sandy Hollway, said the unsettled Asian markets had forced a fundamental revision of the overall Games budget.

"Companies in Asia will clearly be looking at their own costs, which may mean that marginal dollars that were to be spent on the Games may not be easy to get," he said.

SOCOG is relying heavily on $497 million in international sponsorship to help meet its $1.5 billion revenue target.

Most sponsors are based in Europe, North America or Australia, although the Korean Samsung Corporation is a major player.

"Australian businesses dealing with Asia are looking with increasing uncertainty and may be somewhat reluctant to pitch in dollars," Hollway warned.

He said he was not alarmed but being realistic. "If there is going to be a problem I would like to anticipate it. None of the sponsors have yet told SOCOG they will have to pull out of their commitments to the 2000 Games because of the crisis," he said.

But, it was revealed yesterday that Korea and the Asian Broadcasting Union, representing all Southeast Asian nations, had yet to sign a contract to screen the Games.