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From Where I Sit

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August 9, 2012
Dan McLean
by: Dan McLean

Are The Olympics Worth It?


Well here we are in the midst of yet another Olympics, the best of the best competing to supposedly represent their country and bring home the gold. But how much gold are we talking about here.
These Olympics are costing Britain something like 14 and half billion dollars.

Does that seem like allot well China invested around 43 billion dollars on the 2008 Beijing Olympic Games -- cheap by comparison.

But that is just the staging of the games as near as I can discover the actual costs go well beyond that.
For example the physical medals themselves have value.

A gold medal, which is made of both silver and gold, is estimated to cost approximately one thousand dollars each -- how many do the give out? I don't know.

I've discovered Governments also give money to their winning athletes, it varies by country.

In Singapore, the national Olympic committee awards gold medals 800 thousand dollars.

In Kyrgyzstan, 200 thousand.

In Russia, 135 thousand dollars.

American athletes get just 25 thousand dollars per gold BUT athletes in countries that offer the smallest bounties usually, typically have the bigger sponsorship opportunities.

An Example -- U-S swimmer Michael Phelps, the most decorated Olympian ever, may expect a lifetime income now of 100 million dollars as a result of his exploits, more money than many countries have.

Just reaching the Olympics incurs huge costs.

In Canada I don't know but the U.K. estimate every gold medal is estimated to have required 15 million dollars of investment. 

10,500 athletes are participating in the games they must all be housed, fed and god knows what else -- never mind their coaches, handlers and entourages.

Security for the 2012 these Olympics will cost UK taxpayers 777 million dollars.

Then there's the Olympic Committee who must be first class all the way for the four years between games.

Don't get me wrong, I'm proud when our athletes do well and cheer as loud as the next guy, but from where I sit watching these games I really wonder if its worth it.

I'm Dan McLean and I have my doubts,


From Where I Sit is on 560 CFOS Mondays, Wednesdays and Fridays 7:08 am and 5:08 pm

Posted: 2012-08-10 09:47:59

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