SBD/May 16, 2011/Olympics

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  • Olympic TV Rights Help Push USOC Revenue Up 22% From '06

    A jump in Olympic television rights fees pushed the USOC’s revenue up 22% from ‘06 and helped boost its total assets to $179.1M in ‘10, according to tax filings submitted Friday. During a ‘10 year that saw Team USA win the Olympic medal count at the Vancouver Games, the organization generated $250.6M in revenue, up from the $205.2M in revenue it generated during the previous Winter Games at Turin in ‘06 and $123M it generated in ‘09. The major driver of the revenue increase was a jump in broadcast revenue. The organization received $105.1M in broadcast revenue, a 33% bump from the $79.8M it received in ‘06. An agreement with the IOC entitles the USOC to 12.75% share of U.S. broadcast rights fees, and NBC paid $818M in rights for the Vancouver Games. The other drivers of revenue for the USOC were in royalties for sponsorships and licensing, which generated $71.8M, and grants and contributions, which totaled $66.5M. The USOC spent a total of $191.5M on expenses in ‘10, up 29% from $148.3M in 2006 and 11.2% from $172.2M in '09. The organization's largest expenses were: $45.3M in grants to NGBs, paralympics and other organizations; $25.6M in salaries; $21.5M in individual assistance to athletes; $14.6M in travel; and $5.4M in officer compensation. The total spent on officer compensation was a reduction from $8.1M in ‘09. USOC CEO Scott Blackmun earned the organization's largest total compensation in ‘10, bringing in $638,407, which included a base compensation of $425,996, a bonus of $67,950, other reportable compensation of $33,750, retirement and deferred compensation of $100,000, and nontaxable benefits of $10,712. The organization cut its payment to former execs from $1.46M in ‘09 to $727,382 in ‘10. It paid former acting CEO Stephanie Streeter, who left the organization in early ‘10, $447,537; former CEO Jim Scherr, who left the organization in ‘09, $116,252; and former Chief of International Relations Bob Fasulo, who left in September, $447,537. Streeter spent less than 10 months at the USOC and earned total compensation of $1,453,873. A housing allowance was included in her total salary.

    SCOTT BLACKMUN
    NORM BELLINGHAM
    LISA BAIRD
    BOB FASULO
    PATRICK SANDUSKY
    Total compensation
    $638,407
    $586,244
    $462,743
    $447,537
    $416,759*
    Base compensation
    $425,995
    $395,503
    $332,684
    $182,645
    $272,232
    Bonus
    $67,950
    $0
    $111,400
    $82,945
    $25,000
    Other compensation
    $33,750
    $160,680
    $0
    $117,309
    $109,788
    Retirement & deferred compensation
    $100,000
    $18,375
    $18,375
    $56,857
    $0
    Nontaxable benefits
    $10,712
    $11,686
    $284
    $7,791
    $9,739
     

    NOTE: * = $109,000 for relocation from Chicago to Colorado Springs

     

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