Paris 2024 Olympic Organizing Committee Reports Increased Surplus of €76 Million
The budget surplus for the upcoming Olympics in Paris has been revised upwards, significantly exceeding previous estimates.
The Organizing Committee for the Paris 2024 Olympic Games (Cojo) has announced a substantial increase in its budget surplus, now projected at approximately €76 million, a figure that is more than double its previous estimate of €27 million announced in December.
Tony Estanguet, the president of the organizing committee, highlighted this improvement in discussions with journalists, confirming that the consolidated figure reflects favorable developments in budget management.
The overall budget for the Olympic organization is set at €4.494 billion in revenues against €4.418 billion in expenditures.
Initially, the budget was estimated at €3.2 billion in the candidature file and later revised to €3.8 billion in 2018. The revenue sources for Cojo are primarily private, including sponsorships, contributions from the International Olympic Committee (IOC), and ticket sales.
In terms of public funding, which encompasses part of the infrastructure costs for the Olympic venues, the budget documentation projects public costs to be around €2.46 billion for the year 2025. However, Pierre Moscovici, the first president of the Court of Auditors, remarked in March 2024 that public costs could range between €3 billion and €5 billion.
This updated surplus announcement comes ahead of a critical meeting of the Cojo's board of directors scheduled for June 17, which will finalize the accounts and transition into the liquidation phase of the organizing committee.
Estanguet anticipates that the final surplus could exceed the current projection of €76 million.
Fabrice Lacroix, the financial director of Paris 2024, explained that the increase from €27 million to €76 million results from completed negotiations and contract adjustments with suppliers, along with various positive developments such as currency fluctuations, investment results, and ticket sales revenue.
Estanguet emphasized that the surplus is directed towards supporting sports initiatives.
Specifically, 20% of the surplus will be allocated to the French National Olympic and Sports Committee (CNOSF), while 60% will go to the endowment fund for Paris 2024, which involves the CNOSF, the French Paralympic Committee, the City of Paris, and the Île-de-France region.
The remaining 20% is designated for the International Olympic Committee (IOC).
Additionally, the Cojo has earmarked €5 million for the return of the Olympic flame to the Tuileries Gardens in Paris over the next three summers.
Tony Estanguet, the president of the organizing committee, highlighted this improvement in discussions with journalists, confirming that the consolidated figure reflects favorable developments in budget management.
The overall budget for the Olympic organization is set at €4.494 billion in revenues against €4.418 billion in expenditures.
Initially, the budget was estimated at €3.2 billion in the candidature file and later revised to €3.8 billion in 2018. The revenue sources for Cojo are primarily private, including sponsorships, contributions from the International Olympic Committee (IOC), and ticket sales.
In terms of public funding, which encompasses part of the infrastructure costs for the Olympic venues, the budget documentation projects public costs to be around €2.46 billion for the year 2025. However, Pierre Moscovici, the first president of the Court of Auditors, remarked in March 2024 that public costs could range between €3 billion and €5 billion.
This updated surplus announcement comes ahead of a critical meeting of the Cojo's board of directors scheduled for June 17, which will finalize the accounts and transition into the liquidation phase of the organizing committee.
Estanguet anticipates that the final surplus could exceed the current projection of €76 million.
Fabrice Lacroix, the financial director of Paris 2024, explained that the increase from €27 million to €76 million results from completed negotiations and contract adjustments with suppliers, along with various positive developments such as currency fluctuations, investment results, and ticket sales revenue.
Estanguet emphasized that the surplus is directed towards supporting sports initiatives.
Specifically, 20% of the surplus will be allocated to the French National Olympic and Sports Committee (CNOSF), while 60% will go to the endowment fund for Paris 2024, which involves the CNOSF, the French Paralympic Committee, the City of Paris, and the Île-de-France region.
The remaining 20% is designated for the International Olympic Committee (IOC).
Additionally, the Cojo has earmarked €5 million for the return of the Olympic flame to the Tuileries Gardens in Paris over the next three summers.