Meet The Secretive Group Earning $8 Billion From The Olympic Games

The secretive group that runs the Olympics is expected to earn a record $8 billion in the 2009-2012 quadrennial cycle, according to Sportcal.

Formed to promote "Olympism," the International Olympic Committee doesn't get rich off the Games, but they do enjoy themselves.

The 109-member Committee gets wined and dined by cities and corporations bidding for contracts, and they get treated like royalty at the Games.

Several times they've been caught taking bribes, but generally what happens in Switzerland stays in Switzerland.

But who are 'they'?

A doctor, a knight, a count and a three-time Olympian in yachting, Belgian Jacques Rogge, 70, is the ideal president of the IOC. The Committee, which can hold up to 115 members, is composed of royals, nobles, CEOs and Olympians. Since Rogge took the helm in 2001, it has opened up to a larger number of Olympians. Still the IOC's co-option method of selecting members ensures that it remains an elite group. Royals include Prince Faisal bin Al Hussein, Frederik, Crown Prince of Denmark, Princess Haya Bint Al Hussein, Sheikh Tamim Bin Hamad Al Thani, Prince Nawaf Faisal Fahd Abdulaziz, Prince Ahmad Al-Fahad Al-Sabah, Anne, Princess Royal, Prince Albert II and Princess Nora of Liechtenstein.

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I suppose the next step would be to find out how and why it was formed. Well spotted.

reply to post by deessell

You make it sound like a few people get 8 billion.
Where as it is money earned from broadcast rights and other sources. The money goes to companies and organisations.

No conspiracy here just a misinterpretation of the facts.

Sure there isn't. They're just another 'elite' group of royals. Silly me

Originally posted by samkent
reply to post by deessell

 

You make it sound like a few people get 8 billion.
Where as it is money earned from broadcast rights and other sources. The money goes to companies and organisations.

No conspiracy here just a misinterpretation of the facts.

Misinterpretation of the facts? Did you know that there was a group behind the Olympics? I didn't, and I thought others might like to know that there was a group of elites behind the games.

Sorry to have 'misled' you!

The Committee is conveniently located in tax haven Switzerland.

Calling Switzerland home allows the non-profit IOC to avoid a 20% income tax, and that's just the start, according to Play The Game's Lars Jørgensen.

How much do the athletes earn from the 8 million?

Athletes receive no money directly from the IOC, but most receive bonuses from their National Olympic Committee for medaling. The USOC hands out $25,000 goes for gold, $15,000 for silver, and $10,000 for bronze.

I think it's a very interesting read.

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reply to post by deessell

The Committee is conveniently located in tax haven Switzerland.

Since it's non profit they could just as easily locate here in the US and not pay any taxes either.

Much ado about nothing.