Brisbane to get early run from IOC to secure millions in Olympics corporate funding
The Olympics’ world governing body is set to give Brisbane 2032 Games’ organisers early access to the event’s naming and marketing rights to unlock multimillion-dollar corporate funding.
The Olympics’ world governing body is set to give Brisbane 2032 Games organisers early access to the event’s naming and marketing rights to unlock multimillion-dollar corporate funding years ahead of schedule.
The move, confirmed by International Olympic Commission co-ordinating Commission boss Kirsty Coventry, would be a vote of confidence in the Brisbane preparations despite controversy over key venue costs and the upending of infrastructure planning arrangements by the Queensland government.
Under standard IOC practice, the Organising Committee for the Games cannot sign sponsorship or marketing deals until seven years out from the tournament – 2026 in Brisbane’s case.
OCOG president Andrew Liveris has been pressing for this to be brought forward in recognition of the longer runway Brisbane received when it was awarded Australia’s third Olympics in two generations in 2021. Ms Coventry said the request for advance “use of the Olympic rings” was being weighed at IOC headquarters in Lausanne, Switzerland, after Mr Liveris and OCOG CEO Cindy Hook delivered their opening progress report last week.
“I think we are in a very good spot being nine years out and this is really opening the door for all of us to look at things in a new way,” Ms Coventry told The Australian. “And that’s what we’re doing.”
Asked what the concession would mean to the Brisbane Games organisers, she said: “Then they’d be able to have full use of the Olympic rings, then they’d be able to start engaging with the revenue market … be able to start engaging and fundraising essentially, and engaging corporates in Australia and the global market.”
Mr Liveris has stressed the projected $4.94bn operating cost of the Games will be covered by the combination of ticket sales and fundraising through commercial sponsorships and partnerships ($3.03bn), with the balance of $950.7m to be kicked in by the IOC from international broadcast and coverage rights. This excludes, however, the bill to be paid by taxpayers to build or upgrade venues and for new public transport infrastructure and other public works.
Speaking after meeting IOC powerbrokers last week, the former Dow Chemical CEO said staging a cost-neutral Games was a “stake in the ground” that would require innovation when Australia was such a small commercial market by international standards.
As chair of the Co-ordinating Commission for the Brisbane Games, Ms Coventry’s job is to keep tabs on the preparations and provide feedback from Lausanne. She also oversees the IOC’s powerful new Games Optimisation Group, which aims to drive sustainability and value, and numbers among its members former Australian Olympic Committee president and veteran IOC vice-president John Coates.
Central to both her roles is the IOC’s “New Norm” agenda, which is supposed to make the Games more affordable and of enduring benefit to the host city. This encourages, for example, use of existing sports venues for the Games.
But the blowout in preliminary costings for redevelopment of the Gabba stadium – from $1bn to $2.7bn – has raised questions about whether the approach will be implemented, especially after the federal government walked away from the project and instead took over funding of the $2.5bn Brisbane Arena auditorium to host the 2032 Olympic swimming.
Asked if the Gabba situation was consistent with New Norm reforms, Ms Coventry pointed out the stadium was always going to be upgraded for cricket and the AFL, and would provide lasting value. “If it’s going to benefit the Games and we could make use of the venue, that’s wonderful,” she said. “But as long as it is part and parcel of development for the region and the community, that is not our decision to take. That is for the Queensland government.”
Pressed on whether she was concerned by the eye-watering increase in cost, she said: “In terms of the budget, that’s really not for us to comment on. That is something you need to go and ask the Queensland government.”
Ms Coventry said the IOC had not imposed any stipulations on the ground-up rebuild of the Gabba.
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