Meet the Secret Group Earning $8 Billion From the Olympics
byAug 8th 2012 1:10PM
By Gus Lubin and Samuel Blackstone
The secretive group that runs the Olympics is expected to earn a record $8 billion in the 2009-2012 quadrennial cycle, according to Sportcal.
Formed to promote "Olympism," the International Olympic Committee doesn't get rich off the Games, but they do enjoy themselves.
The 109-member Committee gets wined and dined by cities and corporations bidding for contracts, and they get treated like royalty at the Games.
Several times they've been caught taking bribes, but generally what happens in Switzerland stays in Switzerland.
- Count Jacques Rogge leads a group of 109.
- The Committee is conveniently located in tax haven Switzerland.
- Members get many perks ... and sometimes too many.
- Up, up and away
- Selling media rights earned $3.91 billion this quadrennial.
- International sponsorships earned another $957 million.
- An estimated $3.1 billion was raised by Summer and Winter Organizing Committees
- Big money
- Where does the money go?
- Around 70 percent ($5.56 billion) goes to the Summer and Winter Olympic Organizing Committees
- The remaining ~ 20 percent ($1.6 billion) goes to athlete organizations
- Not much goes to the athletes.
- Who benefits from the Olympics?