Don’t worry, Boris Johnson hasn’t called a snap Olympics!  The Games in question are the inaugural Youth Olympic Games which are currently taking place in Singapore, and which represent a long-awaited dream of Jaques Rogge, President of the International Olympic Committee, who has always wanted to create a global sporting event for young people.

The Games kicked off on 14 August with an elaborate Opening Ceremony, after which around 3,600 athletes between 14-18 years of age will be participating in 12 days of competition across the 26 summer Olympic sports.

Team GB has sent a team of 40 athletes to Singapore, including some individuals who are already hugely experienced at global sporting events, such as Tom Daley, the World and European Champion diver, who is a strong GB medal hope for London 2012.  For other team members, the experience of Singapore will be crucial to their development, especially for those with longer term goals such as Rio 2016.

With no precedent for this event, the organisation and build-up was always going to attract varying levels of interest and, as is often the case with the Olympic Games, the cost of hosting the event is one of the major elements that has been scrutinised. The original budget submitted to the IOC of $90m has already been exceeded three-fold, with the current figure standing at around $270m.

Sponsorship is another area where difficulties have been experienced.  Again, because this is a new event there is no precedent for sponsors to work from – no history of viewers or interest (although it is anticipated that there will be around 370,000 spectators) – therefore, the Games were seen as a risk for all involved and the Organising Committee has had to work hard to secure the required investment.  As it stands today, the Games have attracted 68 Marketing Partners – 11 Worldwide Olympic Partners (including Coca-Cola, Visa and P&G), 9 Official Partners (including Deloitte and Singapore Airlines), 16 Official Sponsors (including Volvo and SingPost) and 32 Official Supporters.

Total revenue generated from the sponsors has been estimated at 60m Singapore Dollars, however, many of the brands became involved on a 100% value in kind basis, seeing them offer their goods and services to the Organising Committee to help deliver of the Games, in return for marketing rights.

The final verdict on whether these Games have been a success won’t be known until all the marketing intelligence and data is collated. Regardless of this, China has already recognised the potential of the newest addition to the IOC events calendar, with Nanjing winning the bid to host the event in 2014 – a decision that was made by the IOC in February this year.

If you want to catch some of the action you can view live it live on the IOC website or highlights on BBC iPlayer.

By Sara Wilson on August 18th, 2010

Tags: Athletics, BBC, BOA, Default, London 2012, London 2012 sponsorship, Olympic sponsorship, Olympics, Sponsorship, Team GB

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