PyeongChang Winter Olympic games’ revenue of $ 2.2 billion has enabled the International Olympic Committee register a $165.1m (€145.3m) profit during 2018.
The IOC’s major revenue heads during the year of the Winter Olympics reportedly included $1.436 bn from broadcasting rights and $550.1 mn from the ‘TOP’ marketing programme, besides the PyeongChang Winter Games earnings. In the expenditure head $603.7 mn are allocated to the Winter Olympic Games whereas a giant’s share of $1.15bn is given to the local organising committees for the Olympic Games, national Olympic committees and international sports federations.
The IOC has revealed the figures in its annual report.
The current four-year Olympiad period, that covers the summer and winter Olympic Games and the Youth Olympics for the 2017-2020 cycle, includes the PyeongChang Winter Games in the 2018 report.
The IOC has reported a “healthy and strong” financial position for the year ending on December 31, 2018. “In this Olympic spirit, and building on the momentum from this past year, we can look ahead to the future with confidence and optimism,” IOC president Thomas Bach has stated in the report.
The report values IOC’s total assets at $4.1bn, whereas cash and other financial assets, worth $3.7bn, amount to 89% Olympic sports world governing body’s total financial worth. The IOC’s total liabilities of $1.7bn represent 41% of its total financial position, sportsbusiness.com has reported, citing the IOC report, which states “This is more than fully covered by the IOC’s current assets, illustrating the IOC’s overall financial health and long-term sustainability.”
The PyeongChang 2018 games, according to organising committee president Lee Hee-beom, had returned a multi-million dollar surplus.
The IOC had earlier announced that POCOG recorded a balanced budget of $2.4bn for the 2018 Games, which included an additional $400m in costs that are not normally considered as an organising committee’s budget responsibility.
The IOC redistributes 90% of its revenue from an Olympiad to support the staging of the Olympic Games and promote the worldwide development of sport and the Olympic Movement. The IOC retains 10 per cent of Olympic revenue for IOC activities to develop sport and to cover the operational costs of governing the Olympic Movement.