Even as Rio burns, its raining cash for the IOC

The ongoing Olympic games could be the richest ever in the games' glorious 120-year-old modern history. This despite the security and infrastructure nightmare that the event is currently witnessing.

Since the games began and even before, serious security breaches have transpired. People have been murdered close to the venue, media contingents have been shot at and the Brazilian police have arrested 12 people suspected of planning terrorist acts at the games venue, inspired by ISIS, said a CNN report. 

Also, recently there was a loud explosion close to a cycling event which required a bomb squad to detonate an explosive device. 

According to the Daily Beast, there have been reports of cash and equipment stolen from right inside the Olympic village. A Filipino journalist alleged that thieves had bypassed the biometric locks on her media village accommodation and stolen money. Some members of the British Olympic team have reportedly banned cleaning staff from entering their rooms after their games kit were stolen.

On the infrastructure front the story is worse. A Daily Mail report said that at Ganabara Bay - which is hosting the triathlon, sailing and some swimming events - a floating corpse and a severed arm were found floating in the water. 

Studies also showed that viral levels in the water being 1.7 million times more than what would be considered worrisome in the US or Europe. 

In this bay thick rubbish floats on the water and rats live on top of the loathsome floating debris. In fact the pollutions levels are so toxic that experts advise swimmers to avoid putting their heads under water.

There were reports that sportspeople from Australia were forced to leave the Olympic Village and live in hotels because bathrooms in their designated accommodations, among other issues, had toilets that caused leaks when they were flushed. The arrangements are so bad that the USA basketball team prefers to stay on a luxury cruise liner. 

So clearly the games are a mess.

Not to forget the other tragic quartet - Brazil is in the midst of its worst-ever recession, Rio is bankrupt, president Dilma Rouseff has been impeached, and the Zika epidemic has already claimed 64,000 casualties across Brazil.

But despite these series of unfortunate events, business is booming at the Olympics.

According to a report in The Independent: This year, TV companies have paid more than $4 billion to screen the 19-day festival of sport. The estimated 3.6 billion global audience have unsurprisingly made the nineteen days of TV coverage immensely valuable.

TV rights account for the largest chunk of games revenue and the $4.1 billion collected by the International Olympic Committee (IOC) for Rio coverage is again the highest amount on record.

NBC Universal paid a record $1.23 billion to screen Rio 2016, far higher than the $900 million it spent on Beijing in 2008. It expects to generate record profits from its coverage of the Rio Olympics. 

The BBC, which has had unbroken coverage of all Olympic games since 1960, paid a relatively paltry £60 million for London 2012 coverage and is understood to have paid close to £100 million for Rio 2016.

Australian network Seven said interest in advertising had been unprecedented and it too was on target to smash the AUD100 million advertising record set during the Sydney games in 2000, reportedly netting AUD 150 - 170 million (£85 - £97 million).

Already athletes like Mo Farah and Usain Bolt have gained millions from pricey endorsements.  Among the top sponsors include Mexican media mogul Carlos Slim who paid the Rio organising committee a whopping $320 million in 2011 for sponsoring his firm, America Movil. Banco Bradesco, Brazil’s biggest bank also spent a massive sum.

So while the games may go down as the most dangerous, the most unhealthy and certainly the most financially ruinous for the host country, it is still raining cash for the IOC. In the end, that may be all that matters. 

Onwards to Olympics 2020!