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The global economic downturn is taking its toll on businesses across the globe, but the organization behind the Olympics — the International Olympic Committee (IOC) — seems to be recession-proof.
The IOC has seen its revenue grow steadily. This week it announced its reserves now total $558 million, up over $400 million from the reserves reported in 2001 when it was at just $105 million.
“The Olympics is an unequivocal business success story, unharmed by global recession, sovereign debt woes, and the other economic problems of the moment,” Nicholas Colas from Convergex Group told CNBC.
Broadcasters and advertisers spent $4.9 billion to associate themselves with the London 2012 Olympics as well as the 2010 Vancouver Winter Games , and future commitments to the IOC for upcoming games are already well beyond these results, according to Convergex Group.
“As it turns out, the five-circle logo of the IOC is essentially one of the strongest brands on the planet,” Colas said.
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