Any Olympic medal must be the pinnacle of an athletes career. But a Gold medal is what each participant strives and works so hard for, often making sacrifices most of us could not imagine. In this blog we have collated some interesting facts about the cost of winning an Olympic Gold medal.
But, apart from the cost paid with an athletes time and lifestyle restrictions, have you ever wondered what the financial implications of winning Gold are? Exactly how much did each Team G Gold medal cost at London 2012?
Here are some interesting facts and stats about the cost of winning a medal today….
An Olympic medal won by Team G at the London 2012 Games cost an average of just over B#4.5 million.
Boxing was the most cost-effective sport in terms of funding per medal, with hockey the least.
UK Sport Funding
Since the 2008 Beijing Olympics, the largest amounts of UK Sport money were spent on rowing (B#27m), cycling (B#26m) and athletics (B#25m).
Both rowing and cycling require significant investment in hardware and equipment, and in cycling, particularly in track form, the high level of cost associated with the technolgy in bikes, helmets and clothing, make it an expensive sport.
Value for Money
But with all of this investment, British cyclists did win 12 medals at London 2012, including 7 golds in the velodrome (track), and the investment in technology must have played an important part in this successes.
The average spend per cycling medal was B#2.2m, compared with B#8.4m of spending for each Olympic swimming medal (overall spend B#25m) – this puts some perspective on the true value of cycling!
Rowing also provided value for money. With nine medals, four of which were gold,the average cost per medal was B#3m. But British boxing proved the most cost effective of all, as Team GB’s five medals put the average cost of a boxing medal at B#1.9m.
Obviously some sports provide more opportunity to win more medals than others, in team sports, like football for example, there can only be one (team) winner. This makes the average cost of medals in these sports considerably higher.
The total UK Sport funding for London 2012 was B#264,143,753, up from B#235,103,000 spent on the Beijing Olympic Games. For London 2012, money from UK Sport was supplemented by a private sponsorship scheme known as ‘Team 2012’.
We hope you found these facts interesting and possibly eye-opening too!
Research Source:The Guardian