The International Olympic Committee’s reported a large surplus of $73.9m for 2019 just before Corona Virus struck. This amount is of significance especially7 because this is the largest surplus for the IOC in a non-games year till date.
The IOC, which had an operational deficit of $20.2m from the previous year, now will be wiped out owing to the strong income growth for the year. This also represents a huge change from the equivalent stage in the last Olympic cycle. In 2015 the IOC posted a deficit of $325.8m.
The global body’s statement accompanying the results attributes the majority of the increase to “fair value increase” to its financial assets, which it says grew by $81.9m to reach $4.7bn as of December 31, 2019. The IOC’s total assets at the end of 2019 were listed at $5.3bn, a 25-per-cent increase over the $4.1bn a year prior.
The body’s global commercial sponsorship platform, The Olympic Partner programme, also saw significant growth in 2019, adding a further contribution of $584.2m to the overall $1.65bn in revenue it has delivered so far in this cycle. That figure means it has already exceeded the $1bn reached in the previous four-year period.
The pandemic has come as a multipronged attack for IOC, most significantly in the forced postponement of the 2020 Tokyo Olympic Games, which would have begun this coming Friday (July 24) before the outbreak caused it to be pushed back into 2021.
Furthermore, the IOC has so far provided $63m in financial support to 20 international federations who were relying on the commercial income from the Games for their survival, while $37m has been provided in aid to various National Olympic Committees.
Speaking to journalists last week, IOC president Thomas Bach also revealed that the IOC would “continue supporting the NOCs with the TOP Programme allocation, which will amount to another $150m which will be payable by the end of the year”.
“This represents a great effort for the IOC and in order to be able to deliver all this support in the $800m envelope, the IOC had to ask the Olympic Foundation for its assistance. We are happy that the Foundation board decided to allocate an amount of up to $300m to assist the IOC in our efforts to support the actions of the Olympic Movement.” he added