On July 15 – eight days before the start of the Tokyo Olympics - most of us were fretting about the Olympiad right in front of our noses, specifically what were coronavirus cases doing in Tokyo specifically and across Japan, and would the Games take place.
But with an eye to Paris 2024, and their first Olympic Games as the newly appointed rights holder of the Games’ hospitality programme, July 15 was the date that On Location Experiences dropped at least 12 job adverts online for director- and senior manager-level talent to work the next Summer Olympics.
It’s a little over two months since the International Olympic Committee announced the partnership with OLE – a key unit in the recently-floated Endeavor group of companies that span sports, content and representation.
According to a report in the authoritative Sports Business Journal quoting an Endeavor stock market filing, OLE will pay US$ 1.3 billion to the IOC and the respective organising committees of the Paris, Milan and Los Angeles Games.
The SBJ report made clear that the US$ 1.3b figure did not include profit or revenue share payments.
Endeavor Group Holdings is made up of ‘owned’ Sports Properties (20% of 2019 revenues), Events, Experiences & Rights (43% of 2019 revenues) and Representation (36% of 2019 revenues). The Sports Properties include the leading brand in mixed martial arts (MMA) competition Ultimate Fighting Championships (UFC), Professional Bull Riders and Euroleague Basketball.
The Events, Experiences & Rights is where On Location Experiences sits, alongside IMG Events, IMG Academy, IMG Design, IMG Arena and Endeavor Streaming.
Talent Representation include WME, IMG, 160/90, IMG Licensing and Endeavor Content.
According to its S-1 stock market filing, Endeavor has over 6,400 people operating in 28 countries with the Americas generating 67% of revenues, EMEA generating 29% and APAC generating 4% of total 2019 revenues. For the year ended Dec. 31, 2020, the Company generated US$ 3.478 billion in revenues with a net loss of (-US$ 623.5 million) and Adjusted Net Income of US$ 84.8 million and Adjusted EBITDA of US$ 572.5 million.
The OLE appointment concluded a tender process that started in May 2020 and will see for the first time the business of ‘ticket plus’ access to the Games [in other words tickets sold in conjunction with travel, hospitality, ‘experiences’ or any combination of the three] centralised through the IOC as opposed to solely via the organising committees in conjunction with the National Olympic Committees.
On Location will oversee all travel and hospitality experiences for Paris 2024, Milano Cortina 2026 and LA 2028 in a move that forms part of the IOC’s Olympic Agenda 2020+5 strategy to deliver turnkey solutions over several editions of the Games #SportsBiz— SportsPro (@SportsPro) June 2, 2021
To see the OLE jobs being advertised, click here:
In a separate development OLE’s parent, Endeavor [or Endeavor Group Holdings, Inc. (NYSE:EDR)] has been given an average recommendation of ‘Hold’ by the fourteen analysts that are presently covering the firm, according to a report from MarketBeat. Eight investment analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company.
Endeavor acquired On Location Experiences in January 2020 for a reported US$ 660m, according to the Los Angeles Times.