The Origins of Commercialisation of the Olympic Games (1896–1928)

When the modern Olympic Games were revived in 1896, the event was driven by ideals of athleticism, unity, and international peace. What it lacked, however, was money. Hosting even a modest Games required funding, and as participation grew, so too did the financial burden. Long before the billion-dollar sponsorships and broadcast deals of today, organisers began experimenting with ways to make the Olympics economically sustainable. Between 1896 and 1928, the seeds of Olympic commercialisation were planted, and they would eventually shape the Games as we know them today.

1. Funding Through Advertising and Stamps

The first modern Games in Athens (1896) relied heavily on private donations, ticket sales, and even the sale of commemorative stamps to raise money. By the time of the 1908 London Games, organisers began experimenting with advertising, placing paid notices in official programmes and on-site signage. While modest by today’s standards, this marked the beginning of a shift from purely philanthropic funding toward commercial partnerships.

2. The First Broadcast Rights

The 1928 Amsterdam Games marked another turning point. Radio had become a powerful medium, and for the first time, organisers charged broadcast-rights fees to radio stations wishing to cover the Games. It was a small step, but one that set the precedent for the enormous media contracts that would come to define Olympic economics in the decades ahead.

3. Trademarks and Intellectual Property

As public interest in the Games grew, so too did the need to protect the Olympic identity. In 1914, the now-iconic five-ring emblem was introduced, and by the 1920s, the International Olympic Committee (IOC) began registering trademarks to safeguard the Olympic name and symbols. This laid the legal groundwork for future licensing programmes and brand protection, essential for the modern commercial model.

4. Coca-Cola’s Pioneering Sponsorship

In 1928, the Amsterdam Games also welcomed the first major corporate sponsor: Coca-Cola. The partnership began with the company supplying beverages to athletes and spectators, marking the start of a nearly century-long relationship between the brand and the Olympics. This sponsorship demonstrated how global companies could align themselves with the spirit of the Games while gaining unparalleled visibility, a model that continues to underpin Olympic marketing today.

The Legacy

Between 1896 and 1928, the Olympic Games evolved from a privately funded ideal into a platform supported by emerging commercial innovation. Advertising, broadcast rights, trademarks, and sponsorships provided the foundation for what would become one of the world’s most valuable sporting brands.

As we look ahead to future Games, the same questions persist: how can host cities and stakeholders balance the Olympic spirit with economic sustainability?

Sanli Pastore & Hill, in collaboration with UGGC Avocats and Julinks, advises global clients in unlocking value through valuation, deal structuring, IP management, and cross-border commercial partnerships. From legacy assets to emerging opportunities, SPH helps businesses build enduring frameworks for growth, just as the early Olympic innovators once did.

Get in touch with our team to learn more: info@sphvalue.com