The IOC announced today that revenue from "selling broadcasting rights for the Olympic Games between 2014 and 2016 is expected to top" $4B (all figures U.S.), and sponsorship revenues also is “on the rise,” according to Karolos Grohmann of REUTERS. IOC President Jacques Rogge said, "For the period 2014-16 we already have $3.6 billion and it should reach and exceed $4 billion. TV rights totaled $2.2 billion for the period 2002-4." He added, "The financial situation is strong and safe. Since Dec 31, 2001 our reserves have grown" from $105M to $558M, an increase of $453M. The IOC has also “seen a growth in revenues from sponsors" with its '13-16 TOP program, which is expected to generate $1B "for the first time." Rogge said that the ‘17-20 program has “already brought in" $722M with seven sponsors. The same program had been worth $663M for '01-04 (REUTERS, 7/24). The AP notes the IOC’s financial situation “remains solid despite the global economic crisis.” Still, the financial reserves are “actually down" from $592M reported at the previous IOC session a year ago. The decline is “likely due to fluctuations in currency exchange rates” (AP, 7/24).
READY OR NOT, HERE THEY COME! The AP’s Stephen Wilson notes the Royal Opera House last night held a “star-studded Olympic gala,” and London Mayor Boris Johnson “brought the house down with his bombastic recital -- in ancient Greek -- of a Pindaric Ode for the London Games.” Rogge said, "I am confident the games will capture the spirit of this great cosmopolitan city." LOCOG Chair Sebastian Coe said, "The city is ready. The venues are ready. Soon the athletes will be ready" (AP, 7/24).
REMEMBERING MUNICH: Rogge yesterday held a minute's silence to mark the 40th anniversary of the terrorist attacks at the '72 Munich Games (AFP, 7/23). Rogge: "I would like to start today's ceremony by honoring the memory of the 11 Israeli Olympians who shared the ideals that have brought us together in this beautiful Olympic Village. The 11 victims of the Munich tragedy believed in that vision. They came to Munich in the spirit of peace and solidarity. We owe it to them to keep the spirit alive and to remember them" (AP, 7/23). Rogge insisted that he had “not made the surprise tribute to try to calm calls for the silence during the opening ceremony.” Rogge: "It was a spontaneous suggestion" (London INDEPENDENT, 7/24).
