LAUSANNE: The executive board (EB) of the International Olympic Committee (IOC) approved Wednesday that there will be greater revenue distribution to Olympic Associations and International Federations (IFs) of member nations following the success of the Winter Olympic 2018 Games in Korea.
The success was demonstrated by the findings of an independent research study presented yesterday to the EB, was also confirmed on the business side. The IOC contributed a record amount of $887 million to the success of the Games, which is $54 million more than for the 2014 edition of the Winter Games in Sochi and does not include the IOC share of the surplus announced last year.
The IOC will reinvest its share of the surplus in Korean sport through the newly formed PyeongChang 2018 Foundation, further helping to ensure the Games benefit the region for decades to come. Building on this, the EB confirmed that this revenue distribution represents a total of $430 million, which is $32 million (or 8%) more than the amounts related to Sochi 2014.
IOC president Thomas Bach said: “The financing of these Games was based on the solidarity model, making sure that everybody can also take part in their financial success. Not only the Organising Committee, the host country or the IOC, but the entire Olympic Movement and, in particular, the participating NOCs, IFs and their athletes.
“We are on track to continue distributing 90 per cent of our revenues per Olympiad to sports worldwide.”
