2022 Beijing Olympics

Main article: Olympic Games

2022: Expenses for the Olympic Games

According to the Chinese state-owned television company CGTN, holding the 2022 Olympic Games in Beijing will cost $3.9 billion. This is significantly less than the costs of the 2008 Summer Olympics in the same city of the Middle Kingdom - $43 billion in prices of that time, or about $53 billion in prices by the end of January 2022 (at the time of publication; taking into account the construction of arenas and urban infrastructure for the Games).

According to RBC, the actual costs of organizing the Olympic Games, as a rule, turn out to be at least twice as high as originally stated. Sports economist at the University of Paris I Pantheon-Sorbonne Vladimir Andreff called it a "curse of the winner": the organizers of mega-competitions at the stage of winning their applications systematically overestimate the economic benefits of their conduct and underestimate the costs.

Xu Jicheng, director of information and planning for the Beijing Winter Olympics Application Committee, tells Xinhua that "we held one Olympics, so we know exactly what we can save on." And although China "has money and strength," back in 2015 they said that "they will spend them economically and at the same time hold high-quality Olympic Games," he said.

The International Olympic Committee (IOC) allocated $880 million to the organizers of the 2022 Olympics, which roughly corresponds to the amount provided to South Korean Pyeongchang (the Winter Olympics were held there in 2018). Partially finance the IOC Olympics allows income received from the sale of broadcasting rights and from global sponsors.

By the end of January 2022, 45 commercial partners were officially announced. The organizing committee retains the income received from them. At the same time, 14 international sponsors of the Olympic movement (Coca-Cola, Intel, Alibaba, Toyota, Panasonic, etc.), which financially support the IOC and several Olympic cycles at once, are not taken into account here.^[1]

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