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Rio Games Sees Budget Increase By 25% In Wake Of Project Delays, New Transit Plans

04 / 18 / 14

Brazilian authorities "unveiled an infrastructure budget" of $10.76B for the 2016 Rio Olymipcs, which is 25% "more than planned, as they try to reassure the world they can deliver facilities on time," according to Pedro Fonseca of REUTERS. The budget "covers 27 projects in urban development and publ...

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Tags: Olympics, Brazil

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07/25/12
IOC Builds Reserves On TV Income

The IOC announced that revenue from "selling broadcasting rights for the Olympic Games between '14 and '16 is expected to top" $4B, 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 $3.6B, and it should reach and exceed $4B. TV rights totaled $2.2B for the period 2002-04." 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."

Tags: Olympics, United Kingdom

07/25/12
Boyle, BBC Confab On Ceremony

The BBC has met with London Games Creative Dir Danny Boyle, who is leading the Opening Ceremony, to “head off any concerns over its commentary to accompany” the $42M show, according to John Plunkett of the London GUARDIAN. BBC’s Huw Edwards, who will anchor the ceremony, and BBC Lo ...

Tags: Olympics, United Kingdom

07/25/12
Spain Olympic Uniforms Draw More Ire

Following continued criticism over Spain's Olympic uniforms, Spanish Olympic Committee (COE) President Alejandro Blanco said, "If someone doesn't like it then they don't have to wear it," according to the EFE. The comments came after Spanish Basketball Federation (FEB) President Jose Luis Saez calle ...

Tags: Olympics, Europe

07/25/12
Olympics Notes

Culture Secretary Jeremy Hunt has "hinted" the Olympic Games could be broadcast on pay-per-view Sky TV in future. Hunt revealed that the government will "launch a review" into whether the Olympics should stay on free-to-air TV. The government recently ignored Labour's plans for a review of "listed e ...

Tags: Olympics

07/24/12
Rogge Defends VIP Treatment

IOC President Jacques Rogge has "defended the VIP treatment afforded to him and his colleagues" at the London Games by claiming they are "working class people," according to Oliver Pickup of the London TELEGRAPH. Rogge is staying in a suite at the "plush, five-star Hilton Hotel in one of the most af ...

Tags: Olympics, United Kingdom

07/24/12
Olympics Brand Second Most Valuable

A recent study by Brand-Finance reported the Olympics brand is valued at $47.6B with an 87% increase since the 2008 Beijing Olympic Games when it was valued at $25.4B. It is the second most-valuable brand in the world, beaten only by Apple at $70.6B. Furthermore, the Olympics brand is worth more tha ...

Tags: Marketing and Sponsorship, Olympics

07/24/12
Chris Hoy To Carry Team GB's Flag

Four-time cycling gold medalist Chris Hoy will lead a depleted Team GB into the London Games Opening Ceremony on Friday night amid complaints that "the event starts too late for most athletes to attend," according to Ashling O'Connor of the LONDON TIMES. Hoy was confirmed Monday as the official flag ...

Tags: Olympics, Europe

07/24/12
Twitter, NBCU Team Up For London

Twitter's Olympics hub, part of a partnership with NBCUniversal, "is one of the first times Twitter will serve as an official narrator for a live event," according to Shira Ovide of the WALL STREET JOURNAL. NBC will "tout the website with on-air promotions and links to athlete interviews or video cl ...

Tags: Olympics, United Kingdom

07/24/12
South Koreans Upset With Committee

Residents in Pyeongchang, South Korea, host for the 2018 Winter Olympics, are "up in arms" over organizing committee POCOG for "ignoring them in some key decisions," according to Jung Min-ho of the KOREA TIMES. These "controversial moves included switching the opening and closing ceremonies from the ...

Tags: Olympics, Asia

07/24/12
Madrid 2020 Sponsor Deadline Looms

The companies "interested in sponsoring" the Madrid 2020 Olympics bid will have until Aug. 31 to apply, according to MADRIDIARIO.es. The companies will also get the benefit of fiscal advantages. The sponsorship plan was presented by Madrid Mayor Ana Botella. There are four possible packages for comp ...

Tags: Europe, Olympics

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