Kap's Corner

Was The IOC's Decision A Slap At Chicago or The USOC?

Did the International Olympic Committe say no to the Chicago 2016 bid because they wanted no part of Chicago? Or did they say no because of their displeasure with the United States Olympic Committee (USOC)?

The reasons Chicago lost out will be analyzed for a long time and the finger of blame will be pointed at Mayor Richard Daley, Pat Ryan, and even President Barack Obama. But is that fair and is it accurate? This article highlights the problems the USOC has had recently with the IOC and it shows how that fractured relationship may have derailed any bid that an American city would have put up.

I spoke with one of the best sports business experts in the industry, Rick Horrow, of the Horrow report and here is his take on the IOC's decision to award the games to Rio De Janiero. "What today's IOC selection process proves is that the Olympics are bigger business than ever -- a linchpin in the $750 billion business of sports, and a bellweather of global business developments.  2016 winner Rio de Janeiro has budgeted $14 billion for the Games -- far more than the other finalists.

Rio's awarding of the Games is a clear signal that Latin America is an emerging market now mature.  38 percent of the Fortune 500 has supported Rio's bid for the 2016 Olympic Games, and major sponsors looking to add the 160 million people in South America under the age of 18 to their customer base will be racing each other to get on board within the next few months.  The selection is also a confirmation that the hundreds of millions of dollars American pro sports teams have spent courting a Latin American fan and sponsor base is money well spent.
One other thing is clear.  While cynics question the extraordinary emotional, political, and economic capital invested in attracting these games, more cities and countries are bidding than ever before.  While Rio celebrates its selection victory, countless other cities plan for their 2020 Summer Olympics selection conquest four years from now.  With Chicago now on the sidelines, other U.S. cities will their places among the candidates -- the American sports business engine will continue to roar."



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