[Luxus Magazine] Olympic Committee: an extraordinary financial strike force

For several weeks now, the eyes of the world have been on the City of Light. Paris, host of the 2024 Olympic and Paralympic Games, has become the stage for the quadrennial sporting events. While the prevailing enthusiasm and the achievements of French athletes seem to have even convinced some of the most skeptical Parisians, questions remain about the event’s profitability. First, for the French capital, of course, but also for the International Olympic Committee (IOC), an unparalleled financial power that raises many questions.

48. That is the number of medals won so far by French athletes during the Paris 2024 Olympic Games. A figure that gives rise to patriotic pride but also to a new controversy. Indeed, the French athletes receive bonuses ranging from 20,000 to 80,000 euros depending on their place on the podium. However, these bonuses are subject to taxation, much to the dismay of David Douillet, double Olympic judo champion, who calls the situation shameful.

This recent controversy is just one in a long list of contentious issues surrounding these Olympic Games. Equally controversial is the question of the budget allocated to organizing the sporting event. Initially estimated at 6 billion euros, it now seems to be leaning towards 9 billion euros.

Among the reasons for such a discrepancy, some media outlets like Ouest France cite the IOC’s specifications. A fact that comes as no surprise, given that the organization founded by Pierre de Coubertin is known for imposing strict rules on the host countries of the Games.

The International Olympic Committee or the Birth of the Modern Olympic Games

Still today, the IOC brings to life the initiative of Pierre de Coubertin, considered the father of the modern Olympic Games. On June 23, 1894, the baron founded the ” International Olympic Committee ” during a ceremony at the Sorbonne University in Paris.

He remained president until 1925, the year he resigned following disagreements with the rest of the Committee, particularly concerning his refusal to accept women athletes in the Olympic Games.

Since then, the IOC has been committed to overseeing the organization of the Games held in different host cities every four years and promoting the contemporary values of Olympism.