IOC President Rogge Says Organization's Finances Booming, Reserves Close To $1B
The IOC's financial reserves "edged close to" $1B in '12, up from $105M when outgoing President Jacques Rogge took over 12 years ago, according to Karolos Grohmann of REUTERS. Rogge, who succeeded Spaniard Juan Antonio Samaranch in '01 and is stepping down on Tuesday, "has overseen an unprecedented financial growth within his organization despite the economic turmoil of recent years." He said that "the IOC's finances were boosted by steadily growing revenues from broadcast and sponsorship deals." He said that broadcasting rights revenues for the period '14-16 had raked in $4B, "with several territories still to be finalized." The total figure of TV revenues for the period '02-04 was almost half that, at $2.2B. Top sponsor deals have generated $1B for the period '13-16 from 10 companies, "with at least one more deal expected in the coming months" (REUTERS, 9/8).