With the Olympic Winter Games coming up soon, I found an article relating to their financing rather interesting. The United States Olympic Committee is a nonprofit group that finances and supports the U.S.A.'s Olympic teams. The U.S.A. is one of the few countries that does not give government financing to its Olympic program. Most of the U.S. committee's money comes from the International Olympic committee. The United States' committee receives almost as much funding from the International committee as all the other world countries combined. This has angered many of the other countries and the budget is scheduled for a renegotiation in 2013. I can understand why other countries would be angry about the apparent favoritism of the United States. However, on closer inspection of where the International Committee makes its money, it is understandable. Most of the money that the International Olympic Committee raises comes from the sale of T.V. broadcasting rights. U.S. television companies contribute over half of that money. Other support is from corruptions, many are U.S. based. So it seems more fair that the International committee then supports the U.S. committee the most.
For more information I suggest you check out this cool graphic.
Even with the support it receives from the International Committee the U.S. Olympic committee has been having difficulty with finding enough money to support its programs and athletes. Many of its corporate sponsors, like Home Depot and General Motors, have dropped funding. Leaving others to pick up the slack. 'News Anchor' Stephan Colbert has had a widely viewed campaign to raise money in donations for the U.S. Winter Olympic teams. Although his methods are unconventional, his goals are commendable and his antics are hilarious.
Do you agree with other countries that the U.S. receives too much funding from the International Committee? Or do you think that it's fair because U.S. companies provide most of the funding for the International Committee? Should the U.S.A. government directly fund the Olympics program?
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It does make sense that the International committee would support the United States more because of the money involved. Making a profit is the most important thing in the committees concern. I think this issue is fair from an economic standpoint, but not in overall equality of the Olympics. It is very odd to me that the United States is one of the only countries that do not finance the Olympic program. We are probably one of the wealthier countries and it seems like we could have some financing for the Olympic games. (A)
ReplyDeleteI believe its fair that the International Committee funds the team U.S.A. the most. I mean, American television and American companies help contribute almost all of the money the International Olympic Committee raises. It is only right that the U.S. gets the most funding, because they allow the IOC to provide enough money that American companies have raised to fund other country's teams. I really don't think any other country could make an argument that they deserve more funding. If they want more funding, their country should raise more money to give to the IOC, its a simple as that. (A)
ReplyDeleteThe government of the USA should start contributing directly to the IOC and play its own role. I find that to be extremely unequal and undemocratic. There are so many countries in the world that participate in the Olympics and for one of the wealthiest countries in the competition to get as much as all the other countries COMBINED is really bad.
ReplyDeleteI agree that the American companies do contribute a lot of money to this organization but it makes me question their source of income and intentions. When these programs for example the ones broadcast by NBC are distributed across the world, do they not sell these programs to other international countries at high prices?
For example, NBC is the legal program broadcaster of the Olympic games. These programs are exclusively broadcast and any country or other programs that wants to know whats happening or want the games live must pay NBC. NBC makes lots of money from these international countries and then pay a portion to the IOC. In turn, these countries also have to fund the IOC, give lots of money to their athletic teams and pay to see their own athletes.
These companies aren't giving their money out of love for the Olympics or charity are they?
Each country should directly give their own contributions no matter the influence they have on the world. If the private sector within the country also wants to contribute then all the better. I just don't think its fair though. A
Although i agree that the American companies contribute a lot of their money in organizing of the Olympics, and yet doesn't pay the IOC as much as the other countries who also have to pay NBC to broadcast the Olympics and fund for their own teams is totally unfair. But then again, the U.S. is a more established country therefore they have the power and control to decide whether or not they have to pay funding for their own country. I say when a different country suddenly becomes more dominant than the U.S. the can do what they want about funding and the U.S. do what all the other countries are doing now, until then, i think it's a fair agreement. And another thing, when in life has this NOT happened? One superior person/place/or thing has better privileges than the inferior person/place/ or thing. Is this really that much of a surprise?
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