Hosting the Olympics could become the dream of the highest cash bidder if possible changes to the International Olympic Committee (IOC) site selection bid process come to fruition.
Radical changes for Olympic bidders that may include a high-stakes auction have been discussed according to an IOC source who cannot be identified because they are not authorized to speak on the issue. IOC President-elect Kirsty Coventry who takes office June 23 promised to share a “few ideas” in the future about the bid process when questioned at a press conference during the IOC’s 144th Session last month.
IOC officials have been in contact with high profile auction houses, including U.S.-based Sotheby’s, to investigate the new process that could help raise billions of dollars for the organization. Dubbed internally as “Project Fool’s Gold” an auction could be in place for the 2036 Olympic bid race that would favor projects from Qatar, Saudi Arabia and India – nations with significant economic resources that could help fund both the IOC payment and the Games themselves.
Other regions interested in 2036 include Hungary, Istanbul in Türkiye, Indonesia, Santiago in Chile, South Africa, Egypt, Germany and North Jeolla, South Korea.
“In the past IOC members have been criticized and reprimanded for taking personal payments in exchange for votes. An auction is seen as a way of legitimizing this method with the Olympic Movement benefitting instead of an individual member’s wallet,” the source said.
“And by working with a reputable auction house we can be sure that the whole process will be transparent and corruption free.”
The current process is secretive and tightly controlled as the IOC’s Future Host Commission investigates interested bidders and recommends options to the Executive Board. The EB then selects a single option for IOC members to ratify.
The IOC recently extended a United States broadcast and streaming deal with Comcast NBCUniversal worth $3 billion and includes the Salt Lake City 2034 Winter Games and the 2036 Summer Games. Similar international broadcast deals and several worldwide sponsors help fund the IOC’s operations and an almost $5 million daily contribution to sports organizations and athletes around the world.
But the IOC has recently lost four major so-called TOP worldwide sponsors including Atos, Bridgestone, Panasonic and Toyota – and has only signed one replacement with tech company TCL coming on board in February. There have been fears that a drop in future revenue could impact the IOC’s ability to support world sport.
Both Qatar and Saudi Arabia have been following roadmaps to Olympic hosting with both the FIFA World Cup and Asian Games, and there have been murmurs within the IOC about changing the Games calendar to allow these nations to host outside of the traditional summer months to avoid the sweltering heat and stage the event in the Arab world for the first time. The IOC also has deep ties with India and the wealthy Ambani family in Mumbai. With one of these nations almost certain to host in 2036, it is seen as an opportunity to secure a payment for that right to help support the future of the IOC.
Qatar officials are believed to have already reached out to the IOC on the possibility of an auction and are prepared to open bidding at $10 billion.
An auction would also allow super-wealthy billionaires to buy an edition of the Games and site it where they choose, even as a vanity project. The winning bidder would be required to sign the host contract and critical Games delivery guarantees that will help secure the financial viability of the event.
GamesBids.com has not been able to independently confirm any of these details, but we did check the calendar. Happy April Fools’ Day!
Editor’s note: This article is yet another in our April Fools’ Day series. As usual our recipe includes one portion of fact, a dash of parody and finally a sprinkle of possibility that makes you think. We hoped you enjoyed it! If so, please leave a comment on our social media platforms including X, Facebook and Threads and BlueSky.
