The International Olympic Committee (IOC) announced commercial revenues of $7.7 billion between 2021 and 2024, with 60% of the governing body’s income growth coming since outgoing president Thomas Bach was elected in 2013.
The figure represents a 12% increase from the previous cycle, with the majority of IOC revenues coming from broadcast rights distribution and sponsorship deals.
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Speaking at the IOC Session in Greece, IOC Finance Commission chairman Ser Miang Ng added the figures demonstrated the Olympic brand remains strong and interest in commercial partnerships with the IOC continues to be solid.
He added: “The financial success is evident and is undoubtedly demonstrated by the data and figures of past and future Olympic Games.
“These achievements have allowed the IOC to continue providing strong long-term support to athletes and the Olympic Movement.”
Since the adoption of the Olympic Agenda 2020, the IOC said revenue from its TOP sponsorship program and broadcasting rights increased from $5.2 billion to $6.9 billion between 2013 to 2016 to $6.9 billion between 2017 and 2020-21.
Miang said the success of the IOC’s partnerships and growth of commercial revenue has enabled the IOC to continue distributing 90% of its income to global sport, including to athletes, International Federations, National Olympic Committees, Organizing Committees, and Recognized Organizations to develop sport worldwide.
The other 10% of revenues are spent on the administration of the organization.
The IOC said over the past four years it has distributed the equivalent of $4.7 million daily to support athletes and sports organizations at all levels globally.
Additionally, Miang said administrative costs had been kept within the promised 10% despite inflation and global economic uncertainty.
Looking ahead, the IOC stated it had already secured revenues of $7.5 billion for the next Olympic rights cycle (2025 to 2028). It has also predicted strong income for future cycles, having already secured $6.9 billion for the 2029 to 2032 cycle and $4 billion for 2033 to 2036.
Miang credited the IOC’s strong financial position largely to the reforms of the Olympic Agenda, including modernizing its governance processes, diversifying its sources of revenue, and strengthening its credibility to attract commercial partners.
He added the organization’s strong financial foundation comes despite “the global challenges of recent years, characterized by international conflicts, a pandemic, inflation, and worldwide economic uncertainty.
Miang said: “It is a testament to the foresight of the reforms adopted just over a decade ago.”
The figures come as the IOC prepares to elect Bach’s successor later today, who will take over in June.
While the new IOC head will inherit the organization at a time of financial stability, they will also face complex issues in a time of global uncertainty, including how to navigate growing geopolitical tensions, climate change, and tensions around gender eligibility.
Seven candidates are vying to replace Bach, including World Athletics chief executive Sebastian Coe and Olympic swimming champion and Zimbabwe sports minister Kirsty Coventry.
Other contenders include Juan Antonio Samaranch, son of the former IOC president, International Cycling Union president David Lappartient, Prince Feisal Al Hussein of Jordan, International Gymnastics Federation head Morinari Watanabe, and International Ski Federation leader Johan Eliasch.
Bach’s announcement last year that he would not run for re-election after the conclusion of his second term came despite reports that the IOC was looking into changing its statutes to allow him to stay on for a third term
Currently, the president is limited to two terms totaling 12 years (eight years followed by four years).
Bach became the ninth president after being elected in 2013 and secured a second term in 2021.
During his tenure, Bach guided the IOC through three summer and three Winter Olympics, including the Covid-delayed Tokyo Games in 2021.
