1
00:00:02,440 --> 00:00:09,640
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. In just two weeks,

2
00:00:09,760 --> 00:00:13,119
Speaker 1: the thirty third Olympics will get underway in Paris, and

3
00:00:13,200 --> 00:00:15,880
Speaker 1: for the first time in history, the Summer Games won't

4
00:00:15,960 --> 00:00:18,599
Speaker 1: kick off in a stadium, but instead on a river

5
00:00:19,160 --> 00:00:21,760
Speaker 1: the seen And that's not the only thing that will

6
00:00:21,800 --> 00:00:23,960
Speaker 1: be different about this year's Olympic Games.

7
00:00:24,280 --> 00:00:26,040
Speaker 2: I think what's at stake is nothing less than the

8
00:00:26,040 --> 00:00:27,480
Speaker 2: credibility of the IOC.

9
00:00:28,160 --> 00:00:31,160
Speaker 1: Hugo Miller is a reporter with Bloomberg who's been covering

10
00:00:31,200 --> 00:00:33,920
Speaker 1: the run up to the Games. He says the reason

11
00:00:33,960 --> 00:00:36,559
Speaker 1: that Paris has become such a high stakes event for

12
00:00:36,640 --> 00:00:40,760
Speaker 1: the International Olympic Committee or IOC, has to do with

13
00:00:40,880 --> 00:00:44,440
Speaker 1: the history of the Games and their history of blowing

14
00:00:44,600 --> 00:00:45,040
Speaker 1: the budget.

15
00:00:45,280 --> 00:00:47,760
Speaker 2: From really the origins of the Games, when they were

16
00:00:47,800 --> 00:00:52,480
Speaker 2: first the modern incarnation Olympics, it was very much about prestige.

17
00:00:52,600 --> 00:00:55,600
Speaker 2: It was very much about pomp and circumstance. What that

18
00:00:55,680 --> 00:00:59,280
Speaker 2: led to over time was a very bloated form of games.

19
00:00:59,560 --> 00:01:02,040
Speaker 2: There was no sense of not doing things. It was

20
00:01:02,080 --> 00:01:06,920
Speaker 2: always about doing things and more when in doubt add

21
00:01:07,000 --> 00:01:09,400
Speaker 2: another ceremony or whatever it might be.

22
00:01:10,920 --> 00:01:14,319
Speaker 1: But a series of Olympics marred by terrorism and cost

23
00:01:14,360 --> 00:01:18,440
Speaker 1: overruns in the nineteen seventies called that strategy into question.

24
00:01:19,040 --> 00:01:22,880
Speaker 2: It began with the terrible tragedy of the murder of

25
00:01:23,000 --> 00:01:26,040
Speaker 2: eleven Israeli athletes in Munich in nineteen seventy two.

26
00:01:27,240 --> 00:01:33,640
Speaker 3: So shame on you, International Olympic Committee, because you have

27
00:01:33,840 --> 00:01:38,560
Speaker 3: forsaken the eleven members of York Olympic family.

28
00:01:38,840 --> 00:01:42,560
Speaker 2: Then in nineteen seventy six you had an absolute fiscal

29
00:01:42,640 --> 00:01:46,520
Speaker 2: disaster that beset Montreal. Then you had the Winter Olympics

30
00:01:46,520 --> 00:01:49,600
Speaker 2: which were scheduled to be held that year in Denver,

31
00:01:50,120 --> 00:01:53,520
Speaker 2: before the taxpayers revolted and said no thanks.

32
00:01:53,800 --> 00:01:57,440
Speaker 1: Innsbruck, Austria eventually agreed to host the Winter Olympics in

33
00:01:57,520 --> 00:02:02,040
Speaker 1: nineteen seventy six, but more sees followed. The nineteen eighty

34
00:02:02,080 --> 00:02:05,760
Speaker 1: Summer Olympics in Moscow were boycotted by sixty five countries,

35
00:02:05,920 --> 00:02:09,320
Speaker 1: including the United States, due to the Soviet Union's war

36
00:02:09,440 --> 00:02:10,320
Speaker 1: in Afghanistan.

37
00:02:10,680 --> 00:02:13,400
Speaker 4: The final outcome we'll say more about the state of

38
00:02:13,480 --> 00:02:18,000
Speaker 4: East West relations than about international sport. It certainly looks

39
00:02:18,040 --> 00:02:20,360
Speaker 4: as if the Olympic spirit is going to have to

40
00:02:20,400 --> 00:02:21,440
Speaker 4: struggle to survive.

41
00:02:22,160 --> 00:02:25,480
Speaker 1: By nineteen eighty four, very few cities were clamoring to

42
00:02:25,520 --> 00:02:26,600
Speaker 1: host the games.

43
00:02:27,040 --> 00:02:31,160
Speaker 2: You had a whopping two bidders, you had Los Angeles

44
00:02:31,720 --> 00:02:37,040
Speaker 2: and Tehran, but that bid quickly became very complicated when

45
00:02:37,240 --> 00:02:42,200
Speaker 2: a revolution overtook the country. So essentially the IOC was

46
00:02:42,280 --> 00:02:46,000
Speaker 2: left with a single bidder, and that was mister Peter

47
00:02:46,120 --> 00:02:48,240
Speaker 2: Eyuberoth and his bid in La.

48
00:02:49,320 --> 00:02:52,600
Speaker 1: Peter Uberoth was a star water polo athlete in college

49
00:02:52,680 --> 00:02:55,800
Speaker 1: who dreamt of one day becoming an Olympian, but he

50
00:02:55,840 --> 00:02:58,480
Speaker 1: couldn't quite make it as an athlete and instead found

51
00:02:58,520 --> 00:03:03,080
Speaker 1: it a successful travelingecy. His background as a successful business

52
00:03:03,080 --> 00:03:05,480
Speaker 1: person meant he had a different vision for how the

53
00:03:05,520 --> 00:03:06,720
Speaker 1: Olympics should be run.

54
00:03:06,919 --> 00:03:09,760
Speaker 2: He said, listen, I essentially think we need to run

55
00:03:09,880 --> 00:03:13,480
Speaker 2: a modern, no nonsense games. We're going to house athletes

56
00:03:13,520 --> 00:03:16,320
Speaker 2: and student dormitories. We're not going to build any stadia.

57
00:03:16,360 --> 00:03:18,360
Speaker 2: We're going to use the existing Rose Bowl and the

58
00:03:18,480 --> 00:03:21,600
Speaker 2: LA Coliseum, and we're going to do this and we're

59
00:03:21,600 --> 00:03:24,400
Speaker 2: going to do this on budget, on time the way

60
00:03:24,520 --> 00:03:27,320
Speaker 2: I want to do it. And essentially IOC had no

61
00:03:27,440 --> 00:03:34,440
Speaker 2: choice because that was the only big going.

62
00:03:32,200 --> 00:03:34,519
Speaker 1: So on July twenty eighth, nineteen eighty.

63
00:03:34,280 --> 00:03:37,480
Speaker 2: Four, Movies for You on the five of U leagues

64
00:03:37,480 --> 00:03:37,880
Speaker 2: in the world.

65
00:03:38,600 --> 00:03:42,120
Speaker 1: Then President Ronald Reagan opened the twenty third Olympic Games

66
00:03:42,160 --> 00:03:43,040
Speaker 1: in Los Angeles.

67
00:03:43,200 --> 00:03:47,600
Speaker 3: I declare hope the Olympic Games of Los Angeles.

68
00:03:50,280 --> 00:03:53,800
Speaker 1: The ceremony featured eighty four grand pianos being played by

69
00:03:53,880 --> 00:03:55,760
Speaker 1: eighty four LIBERACEI lookalikes.

70
00:03:56,120 --> 00:03:58,640
Speaker 2: So it certainly had glitz. It certainly had a kind

71
00:03:58,680 --> 00:04:04,200
Speaker 2: of hollywoods sizzle. But what it didn't have is a

72
00:04:04,240 --> 00:04:06,400
Speaker 2: sense of sort of unlimited budgets.

73
00:04:06,880 --> 00:04:09,440
Speaker 1: The Games were the first to include the women's marathon,

74
00:04:09,640 --> 00:04:14,080
Speaker 1: rhythmic gymnastics, and synchronized swimming as events, and they were

75
00:04:14,200 --> 00:04:18,400
Speaker 1: also the first to ever turn a profit, meaning Uberov

76
00:04:18,520 --> 00:04:21,840
Speaker 1: did eventually achieve his dream of making Olympics history.

77
00:04:22,160 --> 00:04:25,520
Speaker 2: He famously was the first and I think to this day,

78
00:04:25,640 --> 00:04:30,159
Speaker 2: only Olympic Games architect that managed to deliver a sizeable

79
00:04:30,200 --> 00:04:32,200
Speaker 2: profit of some two hundred and fifty million dollars.

80
00:04:35,200 --> 00:04:38,600
Speaker 1: Today, on the show Why Paris is trying to follow

81
00:04:38,680 --> 00:04:42,760
Speaker 1: in LA's footsteps and what a paired down, cost conscious

82
00:04:42,800 --> 00:04:46,400
Speaker 1: Olympics could mean for the future of the Greatest show

83
00:04:46,480 --> 00:04:50,000
Speaker 1: on Earth, I'm Sarah Holder, and this is the big

84
00:04:50,040 --> 00:04:57,080
Speaker 1: take from Bloomberg News. To understand just how hard it

85
00:04:57,160 --> 00:05:01,159
Speaker 1: is to run a profitable Olympic Games helps to understand

86
00:05:01,360 --> 00:05:05,040
Speaker 1: how the games make money, says Bloomberg reporter Hugo Miller.

87
00:05:05,320 --> 00:05:08,560
Speaker 2: The games are paid for with a very carefully determined budget,

88
00:05:08,600 --> 00:05:13,200
Speaker 2: which is made up essentially of revenues from sponsorship. From

89
00:05:13,200 --> 00:05:17,120
Speaker 2: what's called the top sponsorship, it's the Olympic Partnership program

90
00:05:17,360 --> 00:05:23,800
Speaker 2: right now, they include Ali Baba, Airbnb, Bridgestone, Tires, Coca Cola, Intel,

91
00:05:23,839 --> 00:05:27,400
Speaker 2: to name just a few, and they will contribute what

92
00:05:27,560 --> 00:05:29,880
Speaker 2: is currently thought to be between two and a half

93
00:05:29,920 --> 00:05:33,159
Speaker 2: to three billion dollars for an Olympic cycle, and that

94
00:05:33,200 --> 00:05:34,760
Speaker 2: would be a four year period.

95
00:05:35,120 --> 00:05:37,400
Speaker 1: But that's not the only source of revenue.

96
00:05:37,600 --> 00:05:39,760
Speaker 2: There's also revenue coming from.

97
00:05:39,680 --> 00:05:44,920
Speaker 1: TV rights, though that could be changing as viewer habits change. Already,

98
00:05:45,160 --> 00:05:48,880
Speaker 1: TikTok announced a sponsorship agreement with the British Olympics team,

99
00:05:49,440 --> 00:05:52,440
Speaker 1: which brings us to a third source of revenue funding

100
00:05:52,640 --> 00:05:53,920
Speaker 1: from the private sector.

101
00:05:54,360 --> 00:05:57,320
Speaker 2: And the challenge I think every organizer has is to

102
00:05:57,360 --> 00:06:01,320
Speaker 2: maximize the contributions from the private sector and minimize the

103
00:06:01,360 --> 00:06:04,840
Speaker 2: amount of simple donations or funding from state coffers.

104
00:06:05,120 --> 00:06:07,479
Speaker 1: The aim is to make sure that it's not cities

105
00:06:07,520 --> 00:06:10,400
Speaker 1: themselves that are actually paying for the cost of the games,

106
00:06:11,080 --> 00:06:13,160
Speaker 1: but that's been hard to achieve.

107
00:06:14,360 --> 00:06:16,680
Speaker 2: There is a difference between what is spent on the

108
00:06:16,760 --> 00:06:20,000
Speaker 2: games and what is spent on the infrastructure of the games,

109
00:06:20,279 --> 00:06:23,000
Speaker 2: and that's where the Olympics have got into trouble.

110
00:06:23,400 --> 00:06:26,920
Speaker 1: Hugo says that even though Peter Uberot's nineteen eighty four

111
00:06:27,160 --> 00:06:29,920
Speaker 1: La Olympics offered a roadmap for how to run a

112
00:06:30,000 --> 00:06:33,960
Speaker 1: profitable games, like, for instance, by using stadiums that already

113
00:06:33,960 --> 00:06:39,360
Speaker 1: existed for many years, organizers just didn't heed those lessons.

114
00:06:39,839 --> 00:06:42,600
Speaker 1: Take the Athens Olympic Games in two thousand and four,

115
00:06:42,800 --> 00:06:45,040
Speaker 1: which cost over ten billion dollars.

116
00:06:45,360 --> 00:06:47,320
Speaker 2: There are some people that even say that the sovereign

117
00:06:47,360 --> 00:06:50,880
Speaker 2: debt crisis that befell the EU ten years ago, which

118
00:06:50,920 --> 00:06:54,120
Speaker 2: began in Greece, began with the Olympics.

119
00:06:54,520 --> 00:06:57,680
Speaker 1: Then there was Sochi in twenty fourteen. In those games,

120
00:06:57,720 --> 00:07:01,599
Speaker 1: the Russian government spent over fifty billion dollars, and then

121
00:07:01,760 --> 00:07:04,919
Speaker 1: the twenty sixteen Rio Games, which became known for building

122
00:07:05,000 --> 00:07:09,680
Speaker 1: white elephants stadiums for events that went unused after the games.

123
00:07:09,920 --> 00:07:13,360
Speaker 2: There were famously photos of the Olympic swimming pools filled

124
00:07:13,400 --> 00:07:17,120
Speaker 2: with just sort of green mold in the water six

125
00:07:17,160 --> 00:07:18,720
Speaker 2: months after the games. Terrifying.

126
00:07:18,840 --> 00:07:23,080
Speaker 1: Yeah, these cost overruns and abandoned projects made it harder

127
00:07:23,120 --> 00:07:26,320
Speaker 1: and harder for cities to convince their residents that hosting

128
00:07:26,320 --> 00:07:28,440
Speaker 1: the Olympics was all it was cracked up to be.

129
00:07:28,760 --> 00:07:32,200
Speaker 2: There are a number of cities where the citizens have

130
00:07:32,360 --> 00:07:37,080
Speaker 2: ultimately decided that no, thank you, we don't want to

131
00:07:37,120 --> 00:07:40,080
Speaker 2: host the games. This was true of Rome, this was

132
00:07:40,120 --> 00:07:43,880
Speaker 2: true of Boston, this was true of Oslo, Norway. In fact,

133
00:07:44,360 --> 00:07:47,840
Speaker 2: the Winter Olympics for twenty twenty two that were just

134
00:07:47,880 --> 00:07:52,080
Speaker 2: held in Beijing, there was only two bidders. There was

135
00:07:52,160 --> 00:07:55,880
Speaker 2: Beijing and al Mati. Because the other bidders that were

136
00:07:55,960 --> 00:07:58,640
Speaker 2: essentially all in Europe had all said no thank you.

137
00:08:00,080 --> 00:08:04,280
Speaker 1: IOC decided something had to be done, so they changed everything,

138
00:08:04,600 --> 00:08:08,240
Speaker 1: including how cities even raise their hand to host the Olympics.

139
00:08:08,640 --> 00:08:11,360
Speaker 2: So, rather than having a beauty pageant where the IOC

140
00:08:11,560 --> 00:08:14,640
Speaker 2: delegates physics cities and then there was a grand opening

141
00:08:14,680 --> 00:08:17,440
Speaker 2: of an envelope a year later and the winner is

142
00:08:17,440 --> 00:08:21,400
Speaker 2: announced and all the others go home and cry into

143
00:08:21,440 --> 00:08:24,040
Speaker 2: their beers, you have a very different system where you

144
00:08:24,800 --> 00:08:30,360
Speaker 2: have countries saying hey, I'm interested, and the IOC says, okay,

145
00:08:30,600 --> 00:08:32,760
Speaker 2: what are you thinking? And then there's a series of

146
00:08:32,800 --> 00:08:37,079
Speaker 2: conversations that are held privately, which some people might say, well,

147
00:08:37,080 --> 00:08:39,120
Speaker 2: that's not a very transparent process. But what it does

148
00:08:39,160 --> 00:08:42,640
Speaker 2: allow is it allows the IOC to be much blunter

149
00:08:42,800 --> 00:08:46,280
Speaker 2: and say, you know, I think this is a nice idea,

150
00:08:46,360 --> 00:08:47,520
Speaker 2: but you're not ready.

151
00:08:47,880 --> 00:08:50,760
Speaker 1: Hugo says. This has meant that fewer cities are even

152
00:08:50,840 --> 00:08:54,040
Speaker 1: submitting bids, but that's fine as far as the IOC

153
00:08:54,240 --> 00:08:56,959
Speaker 1: is concerned, since the bids it is getting are now

154
00:08:57,000 --> 00:09:01,240
Speaker 1: more likely to be realistic, which brings us to Paris.

155
00:09:01,679 --> 00:09:05,280
Speaker 2: The IOC is definitely hoping that Paris twenty twenty four

156
00:09:06,160 --> 00:09:11,240
Speaker 2: will work, will come off as a shining example of

157
00:09:11,640 --> 00:09:19,320
Speaker 2: a new streamlined, more socially, more fiscally, more environmentally responsible Olympics.

158
00:09:21,880 --> 00:09:25,160
Speaker 1: Coming up after the break Paris's plan to make the

159
00:09:25,160 --> 00:09:39,080
Speaker 1: Olympics more sustainable, and whether it will work. The Paris Olympics'

160
00:09:39,160 --> 00:09:42,280
Speaker 1: organizing Committee has said that its four point seven billion

161
00:09:42,320 --> 00:09:45,199
Speaker 1: dollar budget will be ninety six percent finance by the

162
00:09:45,240 --> 00:09:49,000
Speaker 1: private sector. Government officials have said that the Games will

163
00:09:49,040 --> 00:09:53,679
Speaker 1: be the most economical in decades, Bloomberg's Hugo Miller says

164
00:09:53,880 --> 00:09:56,920
Speaker 1: they have taken notable steps to make sure those statements

165
00:09:57,040 --> 00:09:58,280
Speaker 1: are more than just talk.

166
00:09:58,760 --> 00:10:03,720
Speaker 2: Paris is not spending large amounts on new stadia. It's using,

167
00:10:03,720 --> 00:10:05,640
Speaker 2: in fact, an old stadium used to host the World

168
00:10:05,679 --> 00:10:08,800
Speaker 2: Cup as their main athletics venue. They are stressing the

169
00:10:08,840 --> 00:10:12,679
Speaker 2: construction of temporary facilities. They're even going to be holding

170
00:10:12,720 --> 00:10:17,800
Speaker 2: beach volleyball beneath the Eiffel Tower using temporary grandstands bleachers.

171
00:10:18,080 --> 00:10:21,000
Speaker 2: So in essence, they're trying to capitalize on the existing

172
00:10:21,840 --> 00:10:25,400
Speaker 2: infrastructure and existing beauty of a city like Paris, and

173
00:10:25,440 --> 00:10:28,800
Speaker 2: that they hope is going to keep costs down.

174
00:10:29,120 --> 00:10:32,000
Speaker 1: But there's always the possibility that something could happen to

175
00:10:32,080 --> 00:10:34,400
Speaker 1: derail even the best laid plans.

176
00:10:34,960 --> 00:10:38,960
Speaker 2: I think the big wildcard in the Paris scenario is

177
00:10:39,000 --> 00:10:43,280
Speaker 2: the security aspect. We just don't know what could be

178
00:10:43,360 --> 00:10:45,640
Speaker 2: happening or could happen over the course of the next

179
00:10:45,679 --> 00:10:49,840
Speaker 2: three weeks to four weeks in Paris, and either a

180
00:10:49,880 --> 00:10:54,960
Speaker 2: single event could send cost skyrocketing as suddenly literally thousands

181
00:10:55,000 --> 00:10:56,920
Speaker 2: of additional security needs to be brought in.

182
00:10:57,280 --> 00:11:00,560
Speaker 1: But even with that asterisk, Hugo says that the Paris

183
00:11:00,640 --> 00:11:05,120
Speaker 1: organizers have been getting high marks for their cost consciousness.

184
00:11:04,520 --> 00:11:08,840
Speaker 2: In terms of the operational costs that have been planned out.

185
00:11:09,559 --> 00:11:12,840
Speaker 2: Even Cynics seem to be saying that Paris is doing

186
00:11:12,880 --> 00:11:14,240
Speaker 2: a good job of their planning.

187
00:11:14,600 --> 00:11:16,720
Speaker 1: The hope is that if these games do come in

188
00:11:16,760 --> 00:11:20,400
Speaker 1: on budget, it could serve as a blueprint for subsequent Olympics.

189
00:11:20,920 --> 00:11:25,160
Speaker 2: What begins in Paris is an unprecedented run of six

190
00:11:25,240 --> 00:11:31,000
Speaker 2: Olympics being held in very pretty city scapes, naturally stunning scenery,

191
00:11:31,040 --> 00:11:34,080
Speaker 2: whether you're talking the Alps for the Winter Olympics or

192
00:11:34,120 --> 00:11:36,680
Speaker 2: the likes of a Paris or an La or even

193
00:11:36,679 --> 00:11:38,680
Speaker 2: a Brisbane on the Australian coast.

194
00:11:39,000 --> 00:11:42,040
Speaker 1: But if history is any guide, getting the strategy to

195
00:11:42,120 --> 00:11:46,719
Speaker 1: stick could prove tricky. After LA's nineteen eighty four success,

196
00:11:46,880 --> 00:11:50,520
Speaker 1: cities only managed to learn half of Uberroth's lesson. They

197
00:11:50,559 --> 00:11:54,240
Speaker 1: emulated the Hollywood sizzle and forgot all about the cost

198
00:11:54,280 --> 00:11:58,520
Speaker 1: taming strategies. Plus, Hugo says that it's not just about

199
00:11:58,559 --> 00:12:01,720
Speaker 1: economics when it comes to the Olympic Games, and that

200
00:12:01,720 --> 00:12:04,160
Speaker 1: could lead the games to be hosted in some places

201
00:12:04,200 --> 00:12:06,439
Speaker 1: that don't exactly scream budget.

202
00:12:07,600 --> 00:12:09,920
Speaker 2: I think the chance that the IOC wants to take

203
00:12:10,000 --> 00:12:12,880
Speaker 2: risk of your bets with the Games is very high

204
00:12:12,960 --> 00:12:17,440
Speaker 2: after twenty thirty two. And probably the country that is

205
00:12:17,920 --> 00:12:24,240
Speaker 2: most aggressively, discreetly but aggressively bidding to host the Olympics

206
00:12:24,640 --> 00:12:28,720
Speaker 2: and even Winter Olympics is believe it or not, Saudi Arabia.

207
00:12:28,840 --> 00:12:33,080
Speaker 2: So as crazy as it sounds, it may be the

208
00:12:33,120 --> 00:12:37,920
Speaker 2: case that Saudi Arabia bids for and wins the rights

209
00:12:38,040 --> 00:12:41,360
Speaker 2: to a Winter Games in the twenty thirties to come.

210
00:12:41,720 --> 00:12:44,440
Speaker 1: Why not just have one place host the Olympics every year?

211
00:12:44,480 --> 00:12:46,800
Speaker 1: Why even compete and have to build all these new

212
00:12:46,840 --> 00:12:49,000
Speaker 1: stadiums every year to win the Games.

213
00:12:49,400 --> 00:12:51,959
Speaker 2: That's a very sensible idea, the idea of having one

214
00:12:52,160 --> 00:12:55,680
Speaker 2: single host. People say Athens, it was the historic host

215
00:12:55,720 --> 00:12:58,080
Speaker 2: of the Olympics, so why not Athens? And then why

216
00:12:58,120 --> 00:13:01,960
Speaker 2: not a sensible, fiscally prudent country like Norway hosts the

217
00:13:01,960 --> 00:13:05,200
Speaker 2: Winter Games where there's guaranteed snow. I think that's not

218
00:13:05,280 --> 00:13:08,839
Speaker 2: going to happen because the IOC believes that it wants

219
00:13:08,880 --> 00:13:12,360
Speaker 2: to bring the Olympic spirit around the world. They very

220
00:13:12,400 --> 00:13:15,480
Speaker 2: much believe in that as their mission. So that particularly

221
00:13:15,480 --> 00:13:18,720
Speaker 2: does mean countries with younger demographics not just sort of

222
00:13:18,760 --> 00:13:21,920
Speaker 2: aging Europe and aging North America, but to Africa and

223
00:13:21,960 --> 00:13:25,160
Speaker 2: to Asia and to South America. So, although it makes

224
00:13:25,200 --> 00:13:28,080
Speaker 2: perfect sense from a financial point of view, from a

225
00:13:28,080 --> 00:13:30,720
Speaker 2: sustainability point of view, I just don't think it's going

226
00:13:30,760 --> 00:13:33,319
Speaker 2: to happen because the IOC really believes in this mission

227
00:13:33,360 --> 00:13:34,120
Speaker 2: of theirs, right.

228
00:13:34,160 --> 00:13:38,000
Speaker 1: I guess the Olympics isn't ultimately only about financial prudence.

229
00:13:38,120 --> 00:13:41,000
Speaker 1: It's about having the world come together for this event.

230
00:13:41,200 --> 00:13:43,800
Speaker 2: We forget that, but it's supposed to be about a

231
00:13:43,800 --> 00:13:46,000
Speaker 2: two week festival of sporting excellence.

232
00:13:46,480 --> 00:13:48,640
Speaker 1: So, Hugo, are you going to the Olympics this year?

233
00:13:48,720 --> 00:13:51,040
Speaker 1: What sport are you most excited to watch there?

234
00:13:51,840 --> 00:13:54,959
Speaker 2: Indeed I am. I hope I can get out of

235
00:13:54,960 --> 00:13:57,800
Speaker 2: the city for at least an afternoon to catch the biking,

236
00:13:58,640 --> 00:14:02,199
Speaker 2: the mountain biking. If not, hopefully I will catch some

237
00:14:02,280 --> 00:14:05,960
Speaker 2: of the road racing through the scenic streets of Paris.

238
00:14:13,720 --> 00:14:15,839
Speaker 1: That's it for this episode of The Big Take from

239
00:14:15,840 --> 00:14:19,760
Speaker 1: Bloomberg News. I'm Sarah Holder. This episode was produced by

240
00:14:19,800 --> 00:14:23,400
Speaker 1: David Fox. It was edited by Tom O'Sullivan. It was

241
00:14:23,480 --> 00:14:26,520
Speaker 1: mixed by Blake Maples. It was fact checked by Jessica

242
00:14:26,600 --> 00:14:29,920
Speaker 1: beck Our Senior producers are Naomi Shaven and Kim Gettelson,

243
00:14:30,000 --> 00:14:33,880
Speaker 1: who also edited this episode. Our senior editor is Elizabeth Ponso.

244
00:14:34,280 --> 00:14:38,440
Speaker 1: Nicole beamsterbor is our executive producer. Sage Bauman is Bloomberg's

245
00:14:38,440 --> 00:14:41,480
Speaker 1: head of podcasts. If you like this episode, make sure

246
00:14:41,520 --> 00:14:44,240
Speaker 1: to subscribe and review The Big Take wherever you listen

247
00:14:44,280 --> 00:14:47,360
Speaker 1: to podcasts. It helps people find the show. Thank you

248
00:14:47,400 --> 00:14:53,560
Speaker 1: so much for listening. We'll be back on Monday.