Paris Olympics 2024: How Much France Is Spending On Olympics?. Hosting the Olympics is a costly affair and France, the host of the ongoing Paris Olympics 2024, had to spend billions. Over the years, hosting countries have gone into huge debt to facilitate Olympics infrastructure that is never used again. However, the International Olympic Committee (IOC) says hosting raises the host city’s global profile and boost the economy.
But skyrocketing and unrealistic costs have forced many cities to withdraw their bids for the Summer Games. To address these concerns the IOC made bidding less expensive in 2019, extended the bidding period and broadened the geographic requirements to allow multiple cities and countries to co-host.
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Paris Olympics 2024: How Much France Is Spending On Olympics?
This time around, France – the hosting country of the Paris Olympics – total costs of infrastructure for the international sporting event came just under $10 billion – a feat in itself. Victor Matheson, professor of economics at the College of the Holy Cross, says the cost was low because the IOC ran out of cities that were willing to host the event. He explained that governments and cities understand the real financial debacles, the expenses and, the risks that come along.
According to the information available on the official website of the Paris Olympics 2024, 96 percent of the Paris 2024 and Paralympic Games comes from the private sector, namely the IOC (International Olympic Committee), partner companies, tickets, and licensing.
The website also stated that the Organising Committee of Paris 2024 had a total budget of $4.66 billion. The IOC allocated $1.29 billion, including $816 million from TV rights and $508 million from TOP partnerships. Additionally, revenue from ticketing, hospitality, and licensing amounted to $1.5 billion. The ticket sales of the biggest sporting event on the earth contributed $1.2 billion, hospitality $184 million, and licensing $137 million
The Olympics attracts thousands of foreign tourists to watch the athletes competing. And this is the first Olympics in the post-COVID world, so it’s a major crowd puller. Sam Palmer, general manager of Chase Sapphire, said the Olympics are a huge cultural moment. He highlighted that it’s all about travel, dining, culture, excitement and community.
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Moreover, Paris, the fashion capital of the world, has found huge sponsorships in big brands like Louis Vuitton, Omega watches, Coca-Cola, and Anheuser-Bush InBev, among others.
Spending billions does not make the Paris Olympics 2024 the costliest games in Olympic history. London (2012) spent around $17 billion, Tokyo (2021) spent around $28 billion and Rio de Janeiro spent $24 billion in 2016 – was the three most expensive Olympic Games in history.
