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World Athletics Championships Produced HUF 3 Billion in Revenue

Hungary Today 2024.06.04.

Last year, the World Athletics Championships generated almost HUF 3 billion (EUR 7.6 million / 1 EUR=392 HUF) in revenue for Budapest 2023 Zrt., the non-profit company responsible for the organization. More than 80% of this amount came from ticket sales, Economx reports.

Last summer, the World Athletics Championships took place in Budapest between August 19 and 27, with 2,100 top athletes from 195 countries competing on the banks of the Danube, and 400,000 spectators from 120 nations cheering live at the National Athletics Center. Over nine days, the audience witnessed one world record, one U20 world record, seven world championship records, 11 continental records, and 73 national records.

Last year, the World Athletics Championships in Budapest generated almost HUF 3 billion in revenue, according to Budapest 2023 Zrt’s annual report. The non-profit company reported HUF 2.969 billion in the revenue line, of which HUF 2.595 billion was domestic sales, and the remaining HUF 374 million was export revenue. In the supplementary annex, it is stated that

the company’s turnover last year was mainly generated by ticket sales, totaling HUF 2.414 million. This represents 81.3% of the box office.

Photo via Facebook/World Athletics Championships Budapest ’23

Another significant portion of the revenue came from sponsorship income, which consisted partly of cash contributions, but mostly of in-kind contributions. Also included in the net revenue are the entry fees for the marathon race organized for the general public on the official race course of the marathon.

Of the HUF 2.969 million in sales revenue, HUF 140 million in costs are deducted, and the business tax base is HUF 2.828 million, of which 2%, HUF 56.5 million, is business tax,

writes the portal.

However, it is not clear how much the real profit is for the organizers, and how much is the tax revenue for the state.

The company received money through three main channels under a subsidy scheme:

  • HUF 7.614 million from the Prime Minister’s Office, of which HUF 5.651 million was used for operating costs and to a lesser extent, for development purposes.
  • From the Ministry of Defense, HUF 12.22 billion, of which HUF 9.089 billion was spent.
  • HUF 1.466 billion from the National Communications Agency, of which 844 million for operating costs.

Out of a total of HUF 21.3 billion, HUF 5.7 billion is left over.

Among the services used, the costs of TV broadcasting services (HUF 4.209 B), services in support of event management (HUF 2.938 B), and expenses paid to award winners (HUF 2.703 B) stand out. The company’s employees incurred HUF 1.136 billion in salary costs and other staff-related payments cost HUF 646 million.

Besides this, the construction of the main venue for the World Championships, the National Athletics Center, cost HUF 246 billion.

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Via Economx, Featured image: Facebook/World Athletics Championships Budapest 23

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