Vancouver Olympic officials can't put a Band-Aid on this financial cut. Health care and pharmaceutical giant Johnson & Johnson has announced it won't be renewing its lucrative global sponsorship deal with the International Olympics Committee.

The health care company says it met its goals during this summer's 2008 Beijing Games and has decided to move on.

Johnson & Johnson says the decision means the company won't be a sponsor for the Vancouver Olympics, but it doesn't rule out a connection between the company and the Games altogether.

Now the IOC needs to find another top-level sponsor in Johnson & Johnson's category as official health care products provider.

Dave Cobb, VANOC's revenue and marketing vice-president says he's not worried.

"The IOC has told us they are still confident they will complete 11 agreements with top-level sponsors for the 2010 Games," he said.

The Vancouver Olympic organizing committee has been watching warily as some of its domestic sponsors have been grappling with financial troubles, including General Motors.