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The Olympic Games: A Billion-Dollar Business with Political Implications and More Than Just Fun


The Paris Olympics, set to involve 10,500 athletes from 200 countries, are not just about sports, but also a giant business generating billions for the IOC. The committee, based in Switzerland, makes 91% of its income from broadcast rights and sponsorships, with the latest cycle earning $7.6 billion. While the IOC claims to invest 90% back into sports, only a small portion reaches athletes. Host nations foot most of the bill, with Tokyo’s official cost listed at $13 billion, but an audit suggested it may have been double. The IOC, composed of about 100 members, includes royals and is led by President Thomas Bach, whose expenses are covered, totaling $370,000 in 2022.

Unpaid volunteers assist with running the Games, receiving minimal benefits, sparking concerns of economic exploitation. Despite claiming to transcend politics, the Olympics are highly political, as highlighted by historical instances like Hitler’s use of the 1936 Berlin Olympics. Bid processes have faced criticism, with a study showing most host cities incur losses, prioritizing the Games over essential services like education and healthcare. Scandals and corruption have plagued the Olympics, including bribery scandals, financial mismanagement, and doping scandals.

The IOC’s binary bid system has caused European countries to drop out due to high costs, leading to reforms in the process. The 2021 awarding of the 2032 Games to Brisbane, Australia, 11 years in advance, raised questions of influence. With a history of scandals and controversies, the Olympics face challenges in balancing their commercial interests with ethical standards. The mix of business, politics, and sport in the Olympics underscores the complexities and controversies surrounding one of the world’s largest sporting events.

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Photo credit apnews.com

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