Beijing 2022 organizing committee reports surplus of $52 million

BEIJING -- The Organizing Committee for the Beijing 2022 Olympic and Paralympic Winter Games (BOCOG) achieved a surplus of 350 million yuan ($52 million) from its organizational budget, according to a BOCOG financial report released on Saturday.

Having hosted a "simple, safe and splendid" Beijing 2022, BOCOG revealed that it had revenues of 15.39 billion yuan ($2.29 billion) and expenditure of 15.04 billion yuan ($2.24 billion).

International Olympic Committee president Thomas Bach, who is in Beijing on a five-day visit to China, announced that the IOC will contribute its share of the surplus of $10.4 million to the Chinese Olympic Committee (COC) and the IOC's share is intended to support the development of sport in China.

"The truly exceptional Olympic Winter Games Beijing 2022 were a showcase for incredible sporting performances, they broke ground as the most gender balanced Olympic Winter Games in history, and they attracted record new audiences," said Bach.

"They gave a huge boost to international winter sport by having engaged 346 million Chinese people in winter sport. All of this in spite of a global pandemic. Congratulations to the Organizing Committee of the Olympic Winter Games Beijing 2022 for this success and for delivering these Games with a financial surplus even under these extremely difficult circumstances.

"In recognition of all of these achievements, I am pleased to announce that the IOC will contribute its share of the surplus to support the legacy of the Olympic Winter Games Beijing 2022. Young people engaging in winter sports will greatly benefit from this contribution of the IOC," he added.

The revenue mainly came from four sources:

1. 3.78 billion yuan provided by the International Olympic Committee (IOC), which is the share of international market development revenue and TV rights revenue allocated to host cities.

2. 11.13 billion yuan of market development revenue, which is the domestic market development and franchise revenue implemented by BOCOG in accordance with the Host City Contract under the authorization of the IOC.

3. Other revenues of 480 million yuan, including interest, rate cards and asset disposal.

4. Ticket revenue. According to COVID-19 control measures, in order to ensure the health and safety of Olympic related personnel and spectators, BOCOG did not sell any tickets and therefore received no ticket revenue.

Expenditures was divided into eight aspects based on the nature of use and purpose:

1. 1.33 billion yuan on sports competitions. There were the expenses for the rental and the use of sports equipment needed for competitions and training venues, as well as expenses for the operation and consumption of venues such as ice and snow making.

2. 1.87 billion yuan on venues and facilities. This included the cost of temporary facilities and temporary power units of the venues in accordance with IOC requirements for Winter Olympic venues and facilities.

3. 2.32 billion yuan on technical systems. Various technical expenditures were arranged to meet the IOC's requirements on competition management system, as well as individual International Federations' requirements on timing and scoring, television broadcasters' requirements on data communication and other related requirements from Beijing 2022 events organizations.

4. 2.36 billion yuan on services during the Games. In accordance with the Host City Contract and the practices of previous Olympic Games, there were expenses for transportation, accommodation, catering, the Olympic village, service for domestic and international registered media, foreign affairs service for the IOC and the National Olympic Committees (NOCs).

5. 1.57 billion yuan on ceremonies, publicity and cultural activities. In order to enhance the domestic and international influence of the Winter Olympics, there was expenditure for the four opening and closing ceremonies of the Winter Olympics and Paralympics, Olympic cultural activities, promotion of the Winter Olympics, maintenance of the Beijing 2022 official website, collection of the Olympic flame, domestic torch relay, and expenditure for the Winter Olympics legacy and sustainable actions.

6. 1.55 billion yuan on ensuring the hosting of the Games. This included security, epidemic prevention, medical treatment, material management and logistics to ensure the smooth running of the Games.

7. 2.8 billion yuan on human resources, including staff salaries, expenditure on staff and volunteer recruitment, training and uniforms.

8. 1.24 billion yuan on Games operations, including administrative offices, legal consultation, financial services, personal insurance for participants, and liability and property insurance of BOCOG.