Russian city of Sochi was selected as a finalist for hosting the Olympic games-2014, International Olympic Committee’s executive board announced Thursday. Other two finalists are Salzburg (Austria) and Pyeongchang (South Korea).
      
      "It was not a question of quantity, it was a question of quality," IOC president Jacques Rogge said. IOC executive Gerhard Heiberg of Norway said the board had "lengthy discussions" about whether to include a fourth finalist. "It was a very good debate, but in the end we decided to go for three," he said. "Three of them are totally qualified in every respect. We know we are safe. All three will be very good organizers."
      
      The board based its decision in part on a written report compiled by IOC experts evaluating 11 different criteria, including sports venues, security, financing and government support. Salzburg came out on top in the overall ratings with a score between 8 and 9 out of 10. Pyeongchang was second with a figure straddling 7-8, with Sochi next at 6-7. Almaty was fourth at 5-6, followed by Jaca 4-5, Sofia 3-4 and Borjomi 2-3.
      
      Sochi is trying to bring the Winter Games to Russia for the first time. The Russian government has thrown its full weight behind the bid, including a $12 billion investment package, in sharp contrast to the lukewarm support it offered Moscow's failed 2012 attempt.
      
      "Holding the games in Sochi will inject tremendous energy and accelerate the modernization of the country," Russian Deputy Prime Minister Alexander Zhukov said. "Nationwide support is already extensive, but we hope to encourage each and every Russian to unite behind our bid."
      
      The cities making the cut have to pay a $500,000 fee to cover the bidding process, and will be required to submit their formal bid books by January 2007.
      
      Source: CBS News