Paris 2024 is around the corner and the excitement for the upcoming games are already in motion from countries all over the world,but will there be an Olympics/Paralympics games without the financial side of life?
According to my research,almost 96% of the budget to organise the Paris Olympic and Paralympic Games will come from the private sector,companies who are in partnership with the IOC(international Olympic Committee) and also from the game tickets office. This budget will cover every aspect of planning and delivering the the event which includes the renting of some premises,operating the facilities,welcoming delegations from all countries,providing security and transporting of athletes from one venue to the other. Part of the planning also includes the opening and closing ceremonies.
Here is the composition of the updated Paris 2024 budget:
- €4.397 billion for the Paris 2024 Organising Committee budget;
- 100% private funding for the organisation of the Olympic Games;
- IOC allocation: €1.2bn* (including TV rights €750m and TOP partnerships €470m);
- Ticketing / Hospitality / Licensing: €1.4bn (Ticketing (€1.1bn); Hospitality (€170m) and Licensing (€127m);
- Partnerships: 1.226 bn
- Other revenue: 0.193 bn
- 4% of public funding to finance the organisation of the Paralympic Games.
According to Le Parisien,there are three tiers of sponsorship for the Paris 2024 games. Companies like Supermarket chain Carrefour,Energy firm EDF,telecommunications giant Orange,Accor and more.With next year also marking the first Summer Olympics since 2016 where fans are back in venues – 70 per cent of ten million available tickets had been sold as of June – sponsors will likely be preparing to make more noise than they have done around recent editions.
The IOC contribution to the Olympic Games Paris 2024 also includes indirect support, such as undertaking the responsibilities of the host broadcast operation and various other forms of Games support to the Organising Committee, amounting to USD 435m. These are costs that Paris 2024 would have faced if the IOC was not covering them.
Chelsea News 