VIDEO : WATCH: A giant clock counts down the time to the Paris Olympics

The operating budget for the Paris Olympics is “under control,” the president of the organizing committee said Tuesday.

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

“Just recently, we passed the 1 billion euro ($1.1 billion) mark in secured revenue from our partners,” Estanguet said. 

“This is unprecedented. It’s obviously the first time that a sporting event in France has raised so much money from companies and partnerships.”