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Sports

Central hub for discussion on all things sports

Bryce Covert , Economic Policy Editor @thinkprogress, contri Sep, 02 2016

The Olympics Cost Cities Dearly And Rio Is No Exception


(https://thinkprogress.org/rio-olympics-economics-711b539d2517#.qmhl7nkl7) Past experiences don’t bode well for what will happen to Rio after the crowds and cameras leave. The cost overrun when Athens hosted the games in 2004, plus the debt it took on to cover it, played a role in weakening the country’s economy, which to this day is in deep crisis. It took Montreal 30 years to pay off the debt it took on to finance the huge cost overrun of the 1976 games.The benefits host cities can capture from broadcast rights, domestic and international sponsors, ticket sales, and licensing aren’t negligible: Vancouver got $1.58 billion in 2010 and London got $3.27 billion in 2012. Yet they’re dwarfed by the costs of hosting — $7.56 billion for the former and $11.4 billion for the latter.
(https://thinkprogress.org/rio-olympics-economics-711b539d2517#.qmhl7nkl7) Past experiences don’t bode well for what will happen to Rio after the crowds and cameras leave. The cost overrun when Athens hosted the games in 2004, plus the debt it took on to cover it, played a role in weakening the country’s economy, which to this day is in deep crisis. It took Montreal 30 years to pay off the debt it took on to finance the huge cost overrun of the 1976 games.The benefits host cities can capture from broadcast rights, domestic and international sponsors, ticket sales, and licensing aren’t negligible: Vancouver got $1.58 billion in 2010 and London got $3.27 billion in 2012. Yet they’re dwarfed by the costs of hosting — $7.56 billion for the former and $11.4 billion for the latter.

Steve , Sep, 02 2016


Hosting the Olympics isnt the badge of honour it was many, many years ago. Now it simply brands a city so people can see where the selfish drive of their politicians and lobbyists rode roughshod over the common sense of the population and simple economics. Its always 3-4 times over budget. The vital public infrastructure projects get phased out so they can spend more money on the bling of new stadiums. And once the Olympics has left it leaves behind 100s of soon forgotten articles about the glory of the games, some fond memories that slowly fade and then an avalanche of news concerning the utter corruption that built the event.
Hosting the Olympics isnt the badge of honour it was many, many years ago. Now it simply brands a city so people can see where the selfish drive of their politicians and lobbyists rode roughshod over the common sense of the population and simple economics. Its always 3-4 times over budget. The vi


Sanjay , Sep, 02 2016


The Games will no doubt end up in Qatar or Azerbaijan etc when the IOC run out of usual contenders who actually want to host it. Look at whats happening in money-hungry F1 - tracks with history are replaced by new tracks in countries that pile millions of public money into the sport as a marketing opportunity. They are the same countries who poach the best African athletes to run for them in the upcoming Games, again to be in the spotlight. I watched the Junior World Athletics Champs last week and the amount of times commentators had to describe some 19-yr-old runner etc as a former Kenyan or ex Ethiopian was ridiculous! Thats what international Olympic sport has become. Corrupt leaders using their cash and boredom to buy gold medals and be in the spotlight.
The Games will no doubt end up in Qatar or Azerbaijan etc when the IOC run out of usual contenders who actually want to host it. Look at whats happening in money-hungry F1 - tracks with history are replaced by new tracks in countries that pile millions of public money into the sport as a marketing


Raghav , Sep, 02 2016


Until the 60s, the Olympics were a "make do" thing. They fitted in with what was there. Building stadia for a 3 week contest is one of the most stupid, staggering wastes of money imaginable.


Navneet , Sep, 02 2016


Beyond Olympic Games themselves, the game is played in offices where millionaires advertising contracts are signed for this year Olympic Games. The current fees of sponsorship and television fees are also higher than in 2008. London is the olympic city where this year will be played the largest sport competition in the world, a city known worldwide with great historical tradition. However, as the article indicates this is a unique opportunity for all sponsors given its global repercussions. For "small" companies like the french Atos this is a crucial test in its history, and if the company can successfully overcome, will bring a prestige-profit in the future. For larger companies like McDonalds or Visa, this is an exceptional opportunity to stay close with their worldwide consumers. The Olympics Games will bring a significant amount of revenue to the entire Greater London area, perhaps the only potential "problem" comes thinking about what to do in the future with the sports facilities built for this event. Surely this months income will be greater than the cost that this facilities may have in the future, although we can not forget this question.
Beyond Olympic Games themselves, the game is played in offices where millionaires advertising contracts are signed for this year Olympic Games. The current fees of sponsorship and television fees are also higher than in 2008. London is the olympic city where this year will be played the largest spor


Prateek , Sep, 02 2016


Fantastic illustration of a golden goose tale. The IOC can keep plugging away the traditional way but then it will become an event exclusively hosted by undemocratic states. Olympic host will become synonymous with tyrannical basket case. Not exactly Coubertins vision. Build a permanent Olympic site at a collective cost near the site of the original Olympics. Greece become permanent hosts with maybe some sort of rotation to do the opening ceremony. Disband the IOC as an IGO and just make it a Greek outfit. No VIP treatment, no bidding war, no special BMW lanes and no diplomatic immunity. Fund the shindig by sponsorship. It will be less of a blow to be forced to drink only Coke if they built a new village in the first place. Strip the game to half the current line-up or, even better, revert to the original games. Include Pankration which would tie in nicely with MMA. Frankly anything to put an end to the disgusting spectacle of politicians happily telling us what social good the games will bring.
Fantastic illustration of a golden goose tale. The IOC can keep plugging away the traditional way but then it will become an event exclusively hosted by undemocratic states. Olympic host will become synonymous with tyrannical basket case. Not exactly Coubertins vision. Build a permanent Olympic site


Dilip Bisoi , Sep, 02 2016


I remember the negativity that swirled around the build up to London 2012. We may moan about it but London was overflowing with world class infrastructure already. Its used to hosting big occasions and dealing with masses of people. It was a safe option. The number of white elephants its left behind were pretty minimal. Sure it didnt spark hoards of fat and lazy British people into taking up sport but thats a wider problem that has fanny all to do with the Olympics. The problem is the IOC has a mandate to spread sport to all corners of the earth, so you cant keep giving the Olympics to cities like London. Tokyo has it in 2020, and the Japanese will organise the living fuck out of that event. 2024s favourite is LA, which is another no-brainer. It wouldnt surprise me if Rio was be the last risky city to get the Games for a long long time.
I remember the negativity that swirled around the build up to London 2012. We may moan about it but London was overflowing with world class infrastructure already. Its used to hosting big occasions and dealing with masses of people. It was a safe option. The number of white elephants its left behind