The International Olympic Committee decided on Tuesday to ban the Russian team from participating in the Winter Games that will be held in South Korea next year in February. As a result, many people assumed firms that have invested in the Winter Games would be affected by a serious financial hit. However, the removal of the U.S.’ biggest rival nine weeks before the 2018 Pyeongchang Olympics might help the Games commercially, particularly in the U.S.
Some Russian athletes will be permitted to participate as neutral individuals only if they can convince the experts on anti-doping that they’re clean. According to Olympics experts and insiders with many years of expertise in the art of Game selling, it is likely that many Russians will not be present and that is going to make the Americans more competitive and also more likely to win medals. Rob Prazmark, who has been negotiating corporate sponsorship deals for the Olympics in the past 30 years, said that the American audience wants to see medals.
The last time the Olympic competition was compromised substantially was in 1984 when the USSR and most Eastern Bloc nations boycotted the LA Olympics. The Soviets stated that sending their athletes to the U.S. posed a security risk, although the move was likely a retaliation from the U.S. four years earlier, the time the Games were held in Moscow.
American Broadcasting Company, a television network that broadcasts those Games in the U.S., considered asking the IOC (International Olympic Committee) for a refund on its payment of broadcasting rights after nations announced their boycott. The idea was dismissed after the Games were a huge success; the U.S. won 83 gold medals.
For several months, it seemed like the Pyeongchang Games would return to the days of the Cold War., Russia versus the United States story. However, that storyline was removed, thanks to the shameless attempts of rigging the Sochi Olympics through corrupting the drug-testing laboratory, which led to Russia being banned. The ruling delivered attention and the much-needed buzz for an event that research, as well as slow ticket sales hint, has been seriously lacking in both areas.
It appears there’s only one nation whose absence from the competition would be disastrous for the International Olympic Committee: the U.S. The National Broadcasting Company paid 963 million dollars to broadcast these Olympics, far more than all the other broadcasters. More than 50 percent of the global sponsors of the Olympic committee are American companies.