The IOC is reporting domestic sponsors have already committed to spending $2.91 billion on the 2020 Tokyo Olympics, 3x their initial projections, with more partners expected to join the program. Currently 47 brands are on board and that figure does not include long-term IOC sponsors like Bridgestone, Panasonic and Toyota. With the Games still over 2 years away, Tokyo has already surpassed domestic sponsorship revenue for all prior Olympic Games. For comparison purposes, London raised just $1.1 billion for the 2012 Summer Games. Rio reported a figure that was slightly higher, but corruption linked to those Games puts the final total in question.
Howie Long-Short: The success of corporate sponsorship sales means that Tokyo’s organizing committee (OCOG) will be able to cover their projected budget of $5.6 billion “without recourse to public funding.” Japanese and Tokyo metropolitan governments will pay the remaining $7 billion. It’s worth noting that since 1960, the median cost overrun for Olympic cities has been 90%. PyeongChang is expected to go just 61.5% over their projected budget.
Fan Marino: The PyeongChang Games are underway, with Norway leading the overall medal count as of Sunday evening. Team U.S.A fans experienced their first thrill of the ’18 Winter Olympics on Sunday, when 17-year old Red Gerard took Gold in the men’s slopestyle; making him the youngest American male Gold medalist since 1928 (Billy Fiske, Bobsled). Gerard will compete again on February 24th in the big air competition. Red’s family is enjoying their Olympic experience too, Gerard mentioned he received a “video of them shot-gunning beers at 8:30 a.m.” In my next life, I’d like to come back as a Gerard or Gronkowski.
Editor Note: Digital Sports Desk put together a list of MUST-FOLLOWS for the 2018 games. The comprehensive list includes organizations, media and athletes. You’ll find everyone from @MikaelaShiffrin to @CBrennanSports to @OlympicFlame. Yes, the Olympic flame has its own social media account.
Interested in Sports? Sports Business? Sports Finance? Sign-up for our free daily email newsletter list, here!