During the mid-19th century, “der’s gold in dem der hills” was an expression of many prospectors who braved the elements to seek their fortune. “Go for the gold,” is today’s mantra, especially as related to the 2004 Olympics, where athletes have been competing for nearly two weeks to be named the fastest, strongest, or the best in their particular discipline. “Dem der hills,” around Athens Marathon, and other notable sites of ancient history are once again the center of the world.
The modern Olympics were organized as a way for athletes from around the world to compete in an atmosphere of peace, with no restraints caused by social standing, color, or financial stature. Although this general purpose remains, the 1984 Los Angeles Olympics added another element to the games when a record $225 million profit was recorded by the city. Almost overnight, the games were perceived as an economic engine with the potential for a financial bonanza. As a result, bids for the games became more extravagant and outlandish.
Over $8.5 billion have been outlaid by the Greeks to put on the 2004 games. An unprecedented $1.5 billion of that amount has been used to beef up security. Some say the final tally may top $12 billion for the host city. (Estimated costs for Beijing to produce the 2008 Olympics total $33.8 billion, a number which is likely to be exceeded.)
Corporate sponsorships and television rights have helped with the financial strain on the Greek economy, but the nation’s taxpayers are bearing much of the burden as the Athens 2004 committee has sought to limit commercialism.
NBC paid an estimated $800 million for broadcast privileges in the US and expects to reap a record $1 billion in ad sales during its round-the-clock coverage. (NBC made about $50 million on the $705 million it paid for the 2000 Sydney games and netted some $75 million on its $545 million investment for the Winter Games in Salt Lake City in 2002.)
Weak tourist bookings and slow ticket sales will probably affect the outcome. These circumstances were unexpected, of course, and have somewhat dampened the economic expectations for Athens. Even so, the picture is similar to other host cities in the past where the anticipated financial rewards did not materialize as quickly as predicted. In some cases, several years were required to recoup the initial investments.
Still, the desire to be the focus of worldwide attention for over two weeks is quite appealing, and thus, the number of cities bidding for future games and hoping to have the opportunity to promote local attractions, culture, and talents continues to grow.
Enormous funds have also been expended for the design and manufacture of items ranging from memorabilia of the games to the clothing worn by the athletes and the equipment they use to even the Olympic torch and the medals themselves.
The nearly 11,000 participants in this year’s games know that an event can be won or lost in the blink of an eye. Only a relatively few have earned the right to mount the medal stands and be acknowledged as Olympic Champions.
For some, just breathing the Athens air and being able to represent their country in the world’s premier athletic venue is reward enough for all the years of preparation. For others, their participation will serve as the springboard for future competitions and additional chances for medals.
Most contestants recognize that anything is possible, and that victory can be life enriching and even life altering because the Olympics have the unique power to transform an individual’s future. Those who perform well in the games are frequently rewarded with product endorsements, prestigious jobs, public accolades, and increases in opportunities to perform and promote their sports on the world stage. The greater the recognition, the greater the chances for financial gain.
With these kinds of opportunities for fame and fortune at stake, it’s no wonder that thousands of extremely talented and hard working athletes from around the world, who range in age from their early teens to over 40, continue to strive to be the best and reach for the gold. After all, it’s a lot more than just a medal around the neck.