IOC has lots of cash
With financial reserves of close to $600 million
The International Olympic Committee’s financial reserves have increased to nearly $600 million.
IOC President Jacques Rogge said Thursday the reserve fund currently stands at $592 million, up from $563 million at the end of 2010. The fund has grown from $105 million in 2001.
The reserves are designed to allow the IOC to continue operating for four years in the event of an Olympics being canceled.
Rogge said Olympic television and sponsorship revenues also continue to rise.
TV rights fees for the current cycle covering the 2010 Winter Games in Vancouver and 2012 London Olympics have brought in $3.9 billion.
For the 2014 Winter Games in Sochi and 2016 Summer Olympics in Rio de Janeiro, the IOC has already secured $3.2 billion in TV revenue and the final figure should go well above $4 billion, Rogge said.
Last month, NBC secured the US broadcast rights to four Olympics through 2020 for $4.38 billion.
The IOC’s global sponsorship program, meanwhile, has raised $957 million for the four-year period through the London Games. The IOC has 11 sponsors for London and still hopes to sign a 12th to take the revenues over $1 billion.
The IOC has already raised $921 million from sponsors for Sochi and Rio, and $632 million for the games of 2018 and 2020. The South Korean resort of Pyeongchang was awarded the 2018 Winter Games on Wednesday.