The budget for the Paris 2024 Olympic Games remains at 4.4 billion euros, with a slight increase of 17 million compared to that projected for 2022. Combined with the Solideo budget, dedicated to the Olympic structures, the total cost reaches 8.8 billion euros, although some of the costs assumed by the State remain unknown. Despite financial adjustments and the use of reserves, the Organizing Committee is also counting on private funding to ensure the success of the event.
The organizers of the Paris 2024 Olympic Games presented their budget at the end of December. This remains at 4.4 billion euros, a slight increase of 17 million euros on last year. Combined with the budget of Solideo, dedicated to the Olympic structures, the total cost of the Olympic Games currently stands at 8.8 billion euros. Some of the costs borne by the State are still unknown.
“It’s a fragile balance, and we’ll have to be vigilant right to the end,” stressed the Organizing Committee (Cojo) on Monday December 11, as it presented the budget to a board of directors.
The 275-million-euro contingency reserve has been used to the tune of 154 million euros, leaving a balance of 121 million euros. This sum was allocated to various expenses, including temporary infrastructure, additional grandstands, energy costs and the artistic component of the opening ceremony on the Seine.
“The next three to four months are the last area of risk, and we’ll see if the 121 million euros give us flexibility and margin, or if they are quickly consumed”, said the Cojo.
Objective almost achieved
In terms of sponsorship revenue, 1.2 billion euros have been raised, reaching 97% of the target of 1.24 billion euros set for the end of 2022. Last July, a first-rate partnership was signed with LVMH as sponsor, bringing to fruition a long-anticipated agreement. And Berluti, the men’s fashion house owned by the luxury group, will be dressing the official delegation of the French team for the Olympic and Paralympic Games.
Despite a slight drop of 20 million euros in revenues from “hospitality” and “licenses”, the Cojo remains confident, pointing out that the budget is almost entirely private, made up of ticketing revenues, sponsors and a contribution from the International Olympic Committee (IOC).
In contrast to the significant 10% increase in 2022, reaching 400 million euros, the budget for the Paris 2024 Olympics saw a slight rise of 0.4%, or an additional 17 million euros in 2023, bringing the total to 4.397 billion euros. Unbudgeted expenses in 2023, such as air conditioning for the Lille stadium, energy supply and development of the Trocadero site, have been financed by savings in other sectors and by the reserve. The committee remains vigilant, particularly on temporary sites, in the face of necessary adjustments to equipment.
Transport and security are a concern
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Featured photo : © Ministère des Sports
