- 12 May 2005
- IOC News
ATHENS 2004: ATHOC clears final hurdle, announces financial results
As the Organising Committee for the Games of the XXVIII Olympiad - Athens 2004 (ATHOC) announced a 7.6 million euro surplus from its operations, the IOC continues its work to ensure the Olympic Games remain properly financed, delivering the best possible legacies for host cities. The 17 days of Olympic Games competitions and ceremonies are financed by the sale of broadcast rights (for television, radio and new media), as well as by the sale of national and international sponsorships, and with revenues from tickets and licensed products. For 20 years, the budgets for these 17 days—the Organising Committee budgets—have been balanced, or have brought a surplus, to be reinvested in sport.
Olympic value on the rise
The International Olympic Committee is responsible for the sale of broadcast rights around the world and for securing international sponsorships through the TOP programme. Sustained growth in the value of these rights and sponsorships means the IOC will continue to provide Olympic Games organisers with a contribution of around one billion US dollars (for Summer Games).
Keeping costs down
While maintaining its contribution towards the costs of the Olympic Games, the IOC is working hard to help keep the costs of the Olympic Games down. Already, the IOC has put a cap on the number of sports, events and athletes at the Games. All 117 recommendations of the Olympic Games Study Commission report, presented to the IOC Session in Prague in 2002, will be implemented by 2012. Recommendations include things like caps on the groups of people accredited for the Games, or the use of new technology to conserve paper where possible.
Building for the Games
The Olympic Games Study Commission’s recommendations and philosophy also serve future Games hosts as they build the stages on which the Games are held. Cities have been encouraged by the IOC to use existing facilities wherever possible, with new permanent facilities only being built where there is a viable legacy. Indeed, the IOC insists that any infrastructure developments related to the Games must form part of a sustainable plan for a city’s development.