It Is Not Known How Much Rio 2016 Cost
Now that the regular competition at the Rio Games is done, the International Olympic Committee is ready to start the real business of the Olympics which is finding a city that will give into the sporting organization’s incredible demands for the 2024 Olympics. Four cities are in the running. The mayor of Rome Virginia Raggi thinks money planned for building major sports complexes would be better served if it was spent on city services. The Italian Olympic bidders are aghast knowing the mayor doesn’t think the Olympics is worthwhile. Paris and Budapest are in the race as well. Budapest is promising a smaller Olympics and the sports agent Casey Wasserman who is pushing for a Los Angeles games thinks the overall cost for Los Angeles would be smaller because there are many existing facilities which can be used in and around Los Angeles.
Groups that bid for the Olympics work on some basic assumptions, the IOC’s budget from television rights globally, merchandise and ticket sales and marketing partners should cover the costs. Costly capital improvement projects suggested by the bidders are not the host Olympic committee’s problem, those costs are pushed onto local municipalities. It is the price for the Olympics. Then there is the security cost. The next two Olympics will directly involve the United States. The 2018 Winter Games in South Korea and the 2020 Tokyo Summer Games. North Korea sits north of South Korea and is west of Japan. The US protects South Korea and Japan through treaties if there is a problem. American military is on the ground in South Korea and will be available if necessary. But the real games for the IOC kick into gear soon, finding someone to host the 2024 Summer Olympics and whoever is the President of the United States better genuflect in front of the IOC during the final bid presentation in 2017. IOC demands it.
By Evan Weiner for The Politics of Sports Business.
This article was republished with permission from the original publisher, Evan Weiner.