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IOC Full Form: IOC stands for International Olympic Committee. It is a non-profit organisation in charge of organising and regulating the Olympic Games. It was founded in 1894 and has its headquarters in Lausanne, Switzerland.
History of IOC
Pierre de Coubertin formed the organisation on June 23, 1894, inspired by the ancient Olympic Games and seeking to foster worldwide understanding via sports.
The IOC held its first meeting in Paris, France, with nine members representing Belgium, France, the United Kingdom, Greece, and the United States. Coubertin was elected as the IOC’s first President, and the organization’s mission was to promote the Olympic Movement and advocate the organisation of quadrennial Olympic Games.
In 1896, the first modern Olympic Games were held in Athens, Greece. The Games were a success, and the IOC decided to hold them every four years in different cities throughout the world.
Thomas Bach, the current president of the IOC, was elected in 2013 and re-elected in 2017. He has been actively working on the Olympic Agenda 2020, a strategic blueprint for the future of the Olympic Movement.
Responsibilities of IOC
The IOC has several functions and responsibilities, which include:
- Promoting the Olympic Movement
- Selecting Host Cities
- Organizing the Olympic Games
- Protecting the Integrity of the Games
- Supporting National Olympic Committees
- Promoting Gender Equality
- Advocating for Clean Sports
Funding of IOC
- The sale of television rights is one of the IOC’s key sources of income. The International Olympic Committee negotiates with broadcasters all around the world for the rights to broadcast the Olympic Games on television.
- Sponsorship is another key source of money for the IOC. The International Olympic Committee (IOC) has relationships with a wide range of enterprises, from big corporations to small businesses, that offer funding in exchange for the ability to use the Olympic name and associate their products and services with the Olympic Games.
- Ticket sales also contribute to the IOC and the host city’s organising committee’s financing.
- Furthermore, the IOC is funded by the National Olympic Committees (NOCs), which are made up of the various countries that compete in the Olympic Games.
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