A Primer on the Economics of Sport by Robert Butler

Author:Robert Butler
Language: eng
Format: epub
Publisher: Oak Tree Press

With it, bargaining power is moving towards those bidding, and away from the IOC. Whilst not the same as 1984, those hoping to win the rights are probably better placed than before.

As cities declined to bid, the bargaining power of the sellers, the International Olympic Committee (IOC), declined also. Eventually just two cities were left for the 2024 and 2028 Games: Paris and Los Angeles. The last time this had happened was 1984 (coincidentally, Los Angeles again). The 1984 Games were hosted by the California city and proved to be an economic success, turning a profit of in excess of $200 million. This is the last time the Games made a net profit.

This good press encouraged other cities to bid in the decades that followed. A win-win for the IOC. However, the cost of hosting the Games, as demonstrated by Athens, Beijing, London and more recently Rio, is forcing some cities to have a rethink.

The IOC will do all it can to ensure that this recent decline doesn’t become the norm or, worse still, decline further.

Ironically, it may be that the cost of hosting the Games, now somewhere in the region of $12 billion to $15 billion, is putting off would-be applicants. Should the 2028 or 2032 Games see only one bidder, it’s likely the cost of hosting these Games will fall accordingly.

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