(ATR) Fresh off its most expensive Games in history, the International Olympic Committee says the just-released 2016 annual report demonstrates financial strength.
Even with dishing out $1.53 billion to help offset delays and setbacks for organizers of the Rio 2016 Summer Games, the IOC reports current assets to be $1.9 billion and its fund balance at $2.1 billion. The IOC only contributed $1.37 billion to London 2012 organizers and $1.25 billion to Beijing 2008.
While the IOC’s Games-time expenditures continue to rise, so does its total revenues. The total revenue generated by the IOC for the 2013-2016 Olympic period is $5.7 billion, up $500 million from the previous Olympic cycle that included Vancouver 2010 and London 2012.
The IOC has demonstrated steady growth over the past four Olympic cycles, increasing its earning potentials by nearly $3 billion since the Salt Lake City 2002 Winter Games.
IOC Finance Commission chairman Ser Miang told the Extraordinary IOC Session in Lausanne on July 11 that it is the organization’s lucrative deals with host broadcasters and TOP sponsors that have fueled such growth.
"The confidence our business partners have in us is also important due to the IOC’s push for good corporate governance and transparency," Miang said, noting that the release of the IOC’s finances according to International Finance Reporting Standards is an example of this push. The IOC is not legally obliged to follow IFRS guidelines.
Given this strong marketing position, the IOC reports that it now distributes 90 percent of its funds, including $5 billion for the previous Olympic cycle. The majority of this supports the Organizing Committees while nearly $2 billion was distributed to International Federations and National Olympic Committees.
The 2016 annual report – titled "Credibility, Sustainability and Youth" – is 156 pages and includes highlights from the Olympic Movement throughout the year. Highlights include the Rio 2016 Games and the creation of the first Refugee Olympic Team that competed in Rio.
The third installment of the IOC annual report can be read in full here.
Written by Kevin Nutley
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