The Paris 2024 Board of Directors has accepted the Organising Committee's final multi-year budget following the fifth and final budget review, which shows that the Paris Olympic and Paralympic Games recorded revenue of €4,480.7 million and expenditure of €4,453.9 million, generating a surplus budget of at least €26.8 million.
The Board of Directors also presented the environmental and climate report for Paris 2024 during the Board Meeting on Thursday 12 December 2024, advising that the commitment to halve the carbon footprint of the Games has been met.
Based on the financials provided below in a press release from Paris 2024 and record media numbers for Paris 2024, the organisers of LA28 have quite a lot to live up to for the coming Games.
Strong revenue dynamics and cost control of Paris 2024
Information provided following the Board Meeting shows that Paris 2024 recorded record ticketing and hospitality revenues, with 12.1 million tickets sold and, with projected sales of €1,489 million, Paris 2024 exceeded its ticketing and hospitality revenue target set at the time of the bid by €348 million.
The target for domestic partnerships, the highest ever for the organisation of an event in France, was also exceeded by €150 million, reaching a total of €1,238 million.
This sharp rise in additional revenue (up 18% on the forecast budget defined at the time of the bid), mainly from private sources, enabled the Organising Committee to cover all the additional expenditure incurred.
In total, public subsidies (€204.1 million) accounted for less than 5% of the Organising Committee's total budget and were entirely earmarked for funding the Paralympic Games to promote Paralympic athletes and a change in the way disability is viewed in France. Public funding represents less than one-third of the cost of the Paralympic Games, compared with 50% in previous editions.
In view of its good budgetary results, Paris 2024 will not be calling on the various sources of financing, totalling €43 million, that the public stakeholders had guaranteed it in case of need.
This budget surplus of at least €26.8 million will be paid back to sport when the Organising Committee is wound up.
Paris 2024 - Smallest increase of expenditure in Modern Olympic Games history
Paris 2024's increase in expenditure is the smallest (+17% compared to the forecast budget defined at the time of the bid) recorded by an Organising Committee for the Games in the modern era between the bid and the delivery of the Games. At least half of this additional expenditure is linked to the global inflation shock that occurred at the beginning of 2022, at a key moment for the Organising Committee when it still had almost 90% of its budget to spend.
The other half of the additional expenditure is attributable to an extension of the scope of the project. On the one hand, the Organising Committee was obliged to incur additional expenditure, for example to reinforce the security arrangements for which the organiser was responsible in view of the changing security context and the increased threats. Compared with the resources allocated in the bid, an additional €100 million was committed, i.e. 10 times more resources than were allocated in London 2012. At the same time, the additional expenditure incurred by Paris 2024 was a winning investment for the project.
The additional expenditure incurred by Paris 2024 strengthened the vision, influence and appeal of the project. The decision to hold the opening ceremonies in the city raised the profile of France and Paris around the world like never before.
Games' carbon footprint halved at Paris 2024
The Board of Directors also presented the environmental and climate report for the Olympic and Paralympic Games Paris 2024 (PDF).
The flagship commitment to halve the carbon footprint of the Games has been met, with Paris 2024's carbon footprint showing a 54.6% reduction in carbon emissions compared to the average for the London 2012 and Rio 2016 editions (Tokyo 2020 is not taken into account because the edition was held without international spectators).
With its concept of Games in the city and its temporary facilities at the foot of the most beautiful monuments, Paris 2024 proposed a delivery model that was more circular and more respectful of the environment.
Never before has an Organising Committee paid so much attention to the second life of the equipment and resources used for the Games, with the vast majority of equipment rented out, donations made to associations and the French sports movement, the success of the Games' auction sales and the second life platform for professionals.
Edited Press Release provided by Paris 2024
