During his July 7 presentation to the 123rd International Olympic Committee session in Durban, South Africa, President Jacques Rogge modestly described the IOC's financial standing as “sound.”
Rogge, making his first major update since Vancouver hosted the previous annual general meeting, said the last fiscal year ended with a $113.4 million surplus. The Olympic Foundation reserves were a healthy $592 million at the end of May.
Revenue from global Olympic sponsors for the 2009 to 2012 period is, so far, $957 million. Already $921 million is committed for the 2013-2016 round and $632 million for 2017-2020. The record $3.9 billion in gross TV rights for 2010-2012 could still be matched. Broadcasters have committed $3.2 billion for 2014-2016.
Olympic Solidarity, which subsidizes national Olympic committees, has a $311 million budget for 2009-2012. Winter sports federations received $209 million for Vancouver 2010.
The positive finances of the IOC suggest it withstood the Great Recession. Vancouver 2010, the last major IOC event, required heavy government subsidies to balance a $1.884 billion budget. PyeongChang, South Korea won the right to host the 2018 Winter Games on July 6, but only two other cities applied. It was the smallest race since 1981 when Seoul won the 1988 Summer Games and Calgary won the 1988 Winter Games.
In 1992, the IOC finished the practice of holding the winter and summer Games in the same year, though Vancouver held the Winter Games in 2010, the same year that Singapore hosted the first Youth Olympic Games.
English and French are the IOC’s official languages, but the when talking money, it speaks in U.S. dollars.
No comments:
Post a Comment