Paris 2024 Olympic Committee Reports Significant Budget Surplus
The surplus, now estimated at €76 million, will primarily benefit French sports and initiatives.
The Organizing Committee for the Paris 2024 Olympic Games (Cojo) has announced a substantial increase in its budget surplus, now projected to reach approximately €76 million, with potential for further adjustments elevating the total to around €100 million.
This marked increase comes from favorable currency exchange rates, lucrative financial investments, and robust ticket sales.
Earlier projections in December estimated a surplus of only €27 million.
The financial director of Cojo attributed this significant surplus to various factors including improved currency conditions and strong performance in ticketing and licensed merchandise.
The announcement precedes a board meeting scheduled for June 17, which will finalize accounts ahead of transitioning to a liquidator for the committee's dissolution.
Tony Estanguet, former head of Cojo, assured that the surplus funds will predominantly support French sports, with at least 80% allocated as stipulated in the host city contract with the International Olympic Committee (IOC).
According to this arrangement, 20% of the surplus will be distributed to the French National Olympic and Sports Committee (CNOSF), which has been facing reduced public funding.
Approximately 60% of the surplus will be directed towards the Paris 2024 endowment fund, managed by various stakeholders including the State, Seine-Saint-Denis department, CNOSF, the Paralympic Committee, the City of Paris, and the Île-de-France region.
The funds are earmarked for celebrating the Games and fostering their legacy, including initiatives such as the installation of the Olympic cauldron during the summer months at the Tuileries and events to commemorate the opening ceremony.
Additionally, the surplus will support projects like 'Savoir Nager' (Learn to Swim) and Paralympic Day, as well as aid athletes facing financial difficulties, particularly in less prominent sports.
The remaining 20% of the surplus is allocated to the IOC, which traditionally allows the host country to utilize its portion.
This allocation could assist with preparations for the 2030 Winter Games in the Alps.
Cojo's budget mainly relies on private revenues, including sponsorships, IOC contributions, and ticket sales.
Public funding, amounting to approximately €2.46 billion as per the 2025 budget document, has been used to finance part of the Olympic infrastructure.
Pierre Moscovici, President of the Court of Auditors, indicated in March 2024 that the total public cost could rise to between €3 billion and €5 billion.
This marked increase comes from favorable currency exchange rates, lucrative financial investments, and robust ticket sales.
Earlier projections in December estimated a surplus of only €27 million.
The financial director of Cojo attributed this significant surplus to various factors including improved currency conditions and strong performance in ticketing and licensed merchandise.
The announcement precedes a board meeting scheduled for June 17, which will finalize accounts ahead of transitioning to a liquidator for the committee's dissolution.
Tony Estanguet, former head of Cojo, assured that the surplus funds will predominantly support French sports, with at least 80% allocated as stipulated in the host city contract with the International Olympic Committee (IOC).
According to this arrangement, 20% of the surplus will be distributed to the French National Olympic and Sports Committee (CNOSF), which has been facing reduced public funding.
Approximately 60% of the surplus will be directed towards the Paris 2024 endowment fund, managed by various stakeholders including the State, Seine-Saint-Denis department, CNOSF, the Paralympic Committee, the City of Paris, and the Île-de-France region.
The funds are earmarked for celebrating the Games and fostering their legacy, including initiatives such as the installation of the Olympic cauldron during the summer months at the Tuileries and events to commemorate the opening ceremony.
Additionally, the surplus will support projects like 'Savoir Nager' (Learn to Swim) and Paralympic Day, as well as aid athletes facing financial difficulties, particularly in less prominent sports.
The remaining 20% of the surplus is allocated to the IOC, which traditionally allows the host country to utilize its portion.
This allocation could assist with preparations for the 2030 Winter Games in the Alps.
Cojo's budget mainly relies on private revenues, including sponsorships, IOC contributions, and ticket sales.
Public funding, amounting to approximately €2.46 billion as per the 2025 budget document, has been used to finance part of the Olympic infrastructure.
Pierre Moscovici, President of the Court of Auditors, indicated in March 2024 that the total public cost could rise to between €3 billion and €5 billion.