SBD/May 16, 2011/Olympics

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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Olympics, USOC

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