Why Hosting The Olympics Isn’t Worth It Anymore

Why Hosting The Olympics Isn’t Worth It Anymore


– [Narrator] Ah, the Olympics. The glory of our best athletes
competing for greatness in shiny new stadiums for
viewers around the world. But recent game are
rife with overspending, wastes, and controversy. And most viewers don’t
even see the lasting damage the games do to the host city. Could we be watching the
death of the Olympics? Well, right now it’s hard to tell. But this honored tradition
is looking sicker every year. Hosting is expensive. Every game in the last 50
years has gone over budget. The 2014 Sochi Winter Games went over it’s 10 billion dollar budget by an additional 41 billion dollars. No one knows this better than
Professor Andrew Zimbalist. He’s written several
books on the Olympics, including “Rio 2016: Olympic
Myths, Hard Realities.” – These days they require about 35 different athletic vendors. They require an Olympic village
that costs one and a half, two, three billion dollars
depending on the circumstance. They require a media and
television production facility, which could very easily
go for half a billion to a billion dollars. They require a media village. They require ceremonial
space, and green space. They require transportation
amongst all of them, and special lanes for the
IOC executives transportation amongst all of the venues. – [Narrator] Cities used to
make a profit from the games. Partly because they collected a lot of revenue in TV rights. But recently the International
Olympic Committee has been taking a larger percentages. In the 90’s for instance,
it took 4% of revenue. Compare that with the 70% it pocketed from the 2016 Rio Games. The newly built stadium can
cost up to 30 million dollars a year to maintain and they are
often on valuable real estate. Most cities don’t even know what to use them for after the games. Those facilities fall into
decay if they’re not kept up, and that hurts property value. – There could also be a lot of
environmentalist disruption. The Winter Olympics they’ll
be having in Pyeong Chang, they destroyed a whole mountainside. Trees and animals that are there, and some of them close to extinction. – [Narrator] So who’d
want to host the Olympics in the first place? Not many. After each financial failure
fewer cities bid to host the following decades games. After all, it takes 10 years of planning just to be in the running to host. Chicago spent and estimated
100 million on the campaign to host in 2016, and they lost. Boston famously pulled it’s
bid for the 2024 Summer Games, after citizen group No Boston Olympics convinced the city otherwise. 12 cities bid for the
2004 games, five for 2020, and just two for 2022 Winter
Games: China and Kazakhstan. So is that it? RIP Olympic games? – (chuckles) It won’t end. Thomas Bach, the President of the IOC, for all the criticisms that I
have of him, he’s a smart guy, and he knows when he’s
up against the wall. And they’ve been up against the wall. – [Narrator] In 2014 IOC
President Thomas Bach suggested a list of 40 actions the IOC could take to shape the future of
the Olympic Movement. Among them, evaluate bid cities by assessing key opportunities and risks, reduce the cost of bidding, and include sustainability in all aspects of the Olympic Games. It sounds good on paper, but time will tell if
these actions take root. – We’re gonna become more sustainable, we’re gonna become more affordable, we’re gonna become more flexible, and by doing that, by tweaking
the model a little bit and making pronouncements, they reengage cities to participate. And what’s generally happened
is the model has been slightly reformed. It’s a little bit more
sensible now then it was before the end of 2020. – [Narrator] Zimbalist
supports a different idea to keep the Olympics alive. Get rid of the bidding system
and pick a permanent host. Somewhere that has the
built in facilities, infrastructure, and venues. – [Zimbalist] We happen
to have such a city for the Summer Olympics, it’s Los Angeles. They don’t have to do
any building virtual. They’ve got the infrastructure, transportation infrastructure. Because it’s the second largest city and the entertainment
capital of the country. They’ve got all of the professional teams from all the leagues. – [Narrator] A permanent
city could benefit the Winter Games as well. As the climate changes,
less cities that have hosted Games in the past
can reliably keep snow. The IOC isn’t a fan of this idea, but as bidding hosts
dwindle, so do their options. The future Summer Games are
planned out through 2028, and the Winter Games through 2022. The 2026 Olympics have
several cities exploring bids, including two previous hosts, Salt Lake City and Sapporo Japan. Germany, Australia, and India have all expressed interest
in the 2032 Summer Games. Despite its flaws, the Olympic Games is
still a people pleaser. The IOC polled candidate host
cities for the 2020 Games and 70% of Tokoyo, 76% of Madrid, and 83% of Istanbul were in support. So maybe the Olympics aren’t dying, but it’s certainly up to the International Olympic Committee
to keep the games in check. Both on the field and off. (gentle orchestra music)

100 Replies to “Why Hosting The Olympics Isn’t Worth It Anymore”

  1. Clear solution is to separate the events by country based on available infrastructure and not have any opening and closing ceremony.

  2. How about choose a designated location for the Olympics and all countries participating in the Olympics are required to put in money towards the Olympics otherwise they cannot participate. Problem solved.

  3. Organising sports events etc Olympics, world cup, games, grand prix, le tour is actually not about promoting sports but its all about business. TV rights, ticket revenues, tourism, hotel or airplanes ticket sales, f&b business demand. It is more beneficial in a economic sense. Not to mention contracts awarded to build infra, buildings, stadiums etc.

  4. Well I guess Sydney Australia did the right things. Most successful games in history. Only Olympics that made profit and boosted economy before and after. Only Games where Olympic medals were solid GOLD SILVER AND BRONZE.

  5. Sydney has been a shithole since 2000 Olympics,it's as if we sold the city after the games and the Olympics was the open house.

  6. Just choose the most capable city or place to host an Olympic with minimal expenses required. Don’t choose places that has to build buildings and destroy mountains to host an Olympic, why build new buildings for 1 time use when you got other buildings who cares if it’s new or old. No one watches the Olympic because of new buildings they watch the sports

  7. Olympic committee should get no more than 20%, must be capped at that. 80% revenue should be for the city/country that host! And they should not spend too much for preps either.. wasted stadiums, arenas are a tragedy that noone wants!

  8. The nature of capitalism, authority, and hierarchy can be modelled with two organisations, the IOC and FEFA. Without external limits, be they governance or competition, corruption and greed are inevitable.

  9. People starving in the world
    Countries are spending billions on useless buildings roads etc just so a few of individuals can be handed medals whilst in the same countries thousands and millions of people are homeless and starved have many dont even have drinking water.
    If this money was spent on building homes for the homeless, food for the hungry and starved then there would be no extreme poverty left in the world. Please people we need to wake up and stop supporting this bullshit

  10. Actually, this ISN'T true anymore. Summer '24 and '28 are already set. There are at least 7 cities/countries lined up to compete for Summer 2032: Germany, the joint Koreas, Jakarta, Brisbane, Shangahi, an Indian bid, and supposedly Ukraine also jumped in. Winter 2030 will be decided between Salt Lake City and Sapporo; and Lillehammer might join in there as well. So your premise is NOW moot.

  11. I think it is not just about the game, it is how well the cities plan the infrastructure building in incorporate those changes to the needs and development of the city of the people. Beijing took the opportunity to restructure the city highways, subways and build new residency areas . The new stadiums are still in use.

  12. Idiot, Olympics make people rich, i mean those people that can benefit financially from the preparation of the games.

  13. This is a bunch of crap, there are alot of developed countries that can, and have the infrastructure to host the Olympics. But they dont want to host them in the same countrie twice in a row

  14. About 2 billion people are not interested in Olympics at all…because cricket is not included in it…including the major countries like india and Pakistan etc

  15. The stadium in Vancouver is still up and running they should host Olympics there again because everyone is still using it and it’s a very popular as a gym area for locals
    Just reuse stadiums and we won’t have troubles

  16. Yeah, tell that to Madrid, they've been trying to host the Olympics for several editions in a row now and failed every single time.

  17. The Olympics are about the Same as FIFA and there philosophy of making a Country spend Money they don't have to host the Event in there Country and build Building that will not be used after the event is over.

  18. Wow… Olympic in India… 🤦🏻‍♂️🤦🏻‍♂️. Will the country improve the safety for the foreign tourists? For more reference, watch Karl Rock.

  19. Lake Placid was also a previous winter host…twice. Stockholm and Calgary as well, so more than just Salt Lake and Sopporo are prior cities vying for 2026.

  20. Japan must stop supplying " Fukushima radiation poisoned foods" to tourists in Japan! . . Stop this exporting of radioactive foods to other countries! .. This is crazy!

  21. Japan have plan to soppose Fukushima dead food to the athletes but Japanese never eat fukushima food. They only use for restaurants, convenience shop.
    And try to export to other countries.

  22. If the Olympic Games go away, it will be because of IOC, and by IOC I mean the Eurotrash segment of the IOC, those wretched monsters.

  23. Never going to have a permanent home. That is ridiculous. Cities need to be capable of hosting or they get what they get. No one forced them.

  24. Sports are so foolish without no value to mankind. What are their objective? Privilege for no well educated people? YES

  25. Everybody’s sick and tired of massaging the egos of 2nd rate athletes…if you want greatness in the Olympic Games again, you have to go back to the mystery and dedicated days of the amateur athlete. Where the athlete loved and was an addict to their event…but they won’t, greed, corruption and stupidity will win the day on this.

  26. It’s the committees fault taking so much of the revenue. If the countries stop bidding to host, the committee will be forced to take less revenue and hosting the olympics would probably be more viable

  27. I think the idea of building a permanent olympic city is great. And in my own opinion, it is better to build it up in Greece since olympics originated there. What do you think? 🙂

  28. Why not just convert this olympic parks into public spaces, and the olympic village into public housing? Revenue splitting should also benefit the host city, not the Olympic Committee who gets 70% of the generated income

  29. The Sochi Olympic games completely turned me off anything that's related to Olympic games. Athletes who use doping, and still got away. Figure skater such as Sotnikova buying judges(Who were mostly Russian to begin with), it was nothing but an event for those with financial interests to make money…and the rest of the world…US…is nothing but spectator, nothing more and less. I have NO interest supporting criminal countries or athletes taking their glory for nothing, so they could feel powerful over us.

  30. I think having them in different cities around the World is part of the charm of the Olympics. What the IOC needs to do is stop being so effing greedy by taking such massive chunks of revenue from the cities and they need to start building in a way that is ecologically respectful, the IOC needs to start giving back, they need to leave a city in better shape in a sustainable way and the cities need to be more creative, perhaps turning the stadiums into low cost apartments or multifunctional spaces..

  31. i actually had a debate about this in class recently:
    what my class has ended up with is that it is impossible to not break the bank and still have an olympic village. but, what we have concluded was that we need to rotate responsibility between a few countries and have a small number of permanent villages.

    as members of generation Z, we’re more focused on climate change than olympics that barely boost morale.

  32. Yes but the Olympic event is a bigg n huge festivals of the 🌍 … So we have must been so go on 👍 , namaskar from India ( 2032 bidder ) 🙂

  33. Athens should have been made the permanent home of the Summer Olympics. Instead of this back and forth every four years. Plus there should be a fund dedicated for the upkeep and renovation of the venues. Cheaper and more practical alternative. This way, host countries don't have to try so hard to impress during the opening ceremonies.

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