The president of the Paris Olympic organizing committee, Tony Estanguet, has reassured the public that the budget for the upcoming 2024 Games is well-managed.
With just one year remaining until the highly anticipated opening ceremony, Estanguet announced significant progress in securing partnership deals, with 22 new sponsors joining since the beginning of the year.
Paris, France – The Paris Olympics, scheduled for 2024, are on a solid financial footing, according to Tony Estanguet, the president of the Paris Olympic organizing committee.
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Estanguet revealed that the committee has successfully attracted an unprecedented 1 billion euros ($1.1 billion) in secured revenue from partners, marking a significant milestone for sporting events in France.
Estanguet stated that the Paris Olympics have achieved remarkable success in securing partnership deals, with 22 new sponsors signing on board in the past year alone.
The total secured revenue from partners has surpassed 1 billion euros ($1.1 billion), a substantial financial support that has never been seen before in France for a sporting event.
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While the committee has made impressive strides with partnership deals, negotiations with luxury group LVMH are still ongoing.
The organizers aim to finalize a partnership contract for the 2024 Games, which will further contribute to the overall budget.
The Paris Olympic organizing committee, known as COJO, operates with a budget of around 4.4 billion euros ($4.5 billion). Estanguet highlighted that an impressive 96 percent of this budget is funded by the private sector, including the International Olympic Committee (IOC), partner companies, ticket sales, and licensing.
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The committee aims to secure 92 percent of the budget by the end of the year, demonstrating their confidence in achieving their financial goals.
Estanguet expressed unwavering enthusiasm and confidence in meeting the budget target, citing the success of ticket sales so far. A staggering 6.8 million tickets have already been sold, indicating immense public interest and support for the Paris Olympics.
It is important to note that the overall budget for the Paris Olympics, which includes venue construction and renovation costs, amounts to approximately 8 billion euros ($8.2 billion).
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However, the organizing committee has prioritized the use of existing or temporary venues, signaling a departure from extravagant spending on stadiums seen in previous Olympic events.
With one year to go until the 2024 Games, the Paris Olympic organizing committee is confident in their budget management and financial support.
The impressive revenue from partners, growing number of sponsors, and successful ticket sales reflect the strong public interest and backing for the upcoming Olympics in Paris.
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