The final board meeting of the Paris 2024 Olympics organizing committee highlights a budget surplus of €26.8 million, achieved despite financial criticisms. Key figures, including Cojop president Tony Estanguet, revealed that partnerships and ticket sales exceeded expectations. The surplus allocation includes funding for the CNOSF, IOC, and sports development initiatives. Amid state financial austerity, discussions are underway on how to utilize these funds, with potential impacts on local sports infrastructure and support for parasports initiatives.
Final Meeting for Paris 2024 Organizing Committee
This Thursday marks a significant milestone as the organizing committee for the Paris 2024 Olympics (Cojop) gathers for its concluding board meeting. Hosted at the headquarters of the French National Olympic and Sports Committee (CNOSF), the agenda revolves around the financial outcomes of the event. In anticipation of this meeting, Cojop president Tony Estanguet, along with financial director Fabrice Lacroix and Georgina Grenon, director of environmental excellence for Paris 2024, have proactively highlighted the Games’ financial achievements in the media over the past day.
Surplus Achieved Despite Challenges
Despite facing numerous criticisms and controversies regarding finances and public funding, Paris 2024 has remarkably achieved a budget surplus of €26.8 million. This positive outcome brings a sense of fulfillment to Tony Estanguet, whose decade-long commitment to the project will officially conclude at the end of December. “We surpassed our partnership targets by €150 million more than expected, and we broke records for ticket sales, resulting in increased revenues,” he shared on Franceinfo.
The 84 partner companies associated with the Olympics contributed substantially, financing nearly one-third of Cojop’s €4.5 billion budget, totaling €1.238 billion, despite the absence of a major sponsor like Total, which was excluded by the Paris City Hall. In terms of ticket sales, Cojop generated €88 million more than anticipated, elevating total ticketing revenue to €1.333 billion.
The question now arises: what will happen to these surplus millions during a time of state financial austerity? The distribution plan is already established: 20% for the CNOSF, 20% for the International Olympic Committee (IOC), and 60% earmarked for initiatives promoting sports development in France. While it is uncommon for organizing committees to report a profit, the IOC may choose to forgo its share, allowing the CNOSF to reallocate those funds into future sports development programs.
The CNOSF is set to benefit from an additional €5.4 million in cash, alongside approximately €9 million from marketing rights. Moreover, the French Paralympic Committee anticipates receiving €1 million from these rights, despite the Paralympic Games not achieving financial balance. “The economic results of the Paralympics do not yield a profit, but we ensured the CPSF also receives support,” explained Tony Estanguet ahead of the meeting.
With around €16 million remaining from the budget surplus to reinvest, both the Paris City Hall and the state, acting as the financial guarantor, must agree on the allocation of these funds. Given the pressing needs for improvements in local sports infrastructure, these funds would be beneficial. Recently, resigning Minister of Sports, Gil Avérous, hinted at increasing the budget for the National Sports Agency, potentially allowing continued support for parasports initiatives.
However, the state could also opt to utilize the surplus to offset some of the substantial costs incurred to secure the Games. According to documents related to the latest 2025 budget proposal, the estimated cost for public finances related to state-side organization ranges between €1.77 and €2.32 billion, with security expenses alone accounting for €500 million to €1 billion.
Additionally, the Paris City Hall, which has invested heavily—€1.7 billion—into cleaning the Seine through water retention basins, may view this surplus as a chance to recover some funds. Although the surplus from the Games is minor compared to the overall €10 billion cost, it represents a potential legacy during these financially challenging times, where municipalities are forced to reduce sports project funding due to budget constraints.
Early indications from the Barnier government regarding budget allocations have raised concerns, with nearly a 30% reduction in funding for the Ministry of Sports. Furthermore, many high-level athletes may face challenges as numerous sponsorship contracts expire at the end of December 2024, leaving them in a tough position as they enter the new year.