VANOC's executive vice-president Dave Cobb says every Olympic sponsor has fulfilled their commitment so far in terms of cash and value in kind. (CBC)

Vancouver Olympic organizers say they are not worried General Motors could not honour its commitment as a major sponsor for the Games after the car giant announced Wednesday it's axing 40 per cent of its Canadian dealerships.

A GM spokesman said 245 dealers are being told they are being let go, with more consolidation and attrition to come as part of a restructuring move to bring down costs.

GM pledged $14 million in cash and $53 million in value in kind when it signed on to become an Olympic sponsor in 2005.

The Vancouver Organizing Committee (VANOC) said Wednesday all of its sponsors have been delivering on what they had committed to the Games.

"There still has not been a company that has not delivered either a cash payment or value in kind when it was due under our contract," said Dave Cobb, VANOC's executive vice-president and deputy CEO.

Cobb said GM's move to cut Canadian dealerships is not cause for concern.

"We've had discussions with them and with others who, as I said, continue to give us assurance that they'll deliver on their obligations and we take them at their word," he said.

"Everybody is working very hard and they fully intend to meet their obligations as all our sponsors do."

Despite the global economic downturn, VANOC and the International Olympic Committee still expect to sign additional national and international sponsors before next year's games, Cobb said.

In January, CV Technology Inc., the maker of COLD-FX, signed on as an official supplier for the Games.