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≡ THE 5-RING CIRCUS ≡
● Olympic Games 2024: Paris ● The On Location hospitality sales effort for the Paris 2024 was confirmed as a money loser for its parent, IMG, now part of TKO Group, which owns the UFC mixed martial arts and WWE wrestling programs.
Chief Financial Officer Andrew Schleimer explained during the TKO Group earnings call for the third quarter of 2025:
“[O]ur year-over-year results were impacted by the 2024 Paris Olympics, which was a key driver of the decrease in revenue as well as the increase in adjusted EBITDA and adjusted EBITDA margin as the event was loss-making.”
(“EBITDA” is earnings before income taxes, depreciation and amortization.)
On Location, the official hospitality providers for the International Olympic Committee, was acquired by TKO from Endeavor in October 2024, after the Paris Olympic Games. It provides high-end hospitality services for many top-tier events in many sports, but Paris 2024 was its first as the official Olympic hospitality service. It is already contracted to LA28 and has made substantial guarantees and payments to the organizing committee.
Endeavor reported $899.8 million for the third quarter of 2024 in its events and experiences business, with a loss in adjusted EBITDA of $68.0 million. For the third quarter of 2025, revenue for the IMG “segment” that includes On Location was $337 million but with $61 million in adjusted EBITDA earnings, a $129 million flip! TKO Group’s 2025 third-quarter total revenues were $1.12 billion.
● Olympic Winter Games 2026: Milan Cortina ● The Milan Cortina 2026 organizers announced “Beauty in Action” as the theme of the Winter Olympic closing ceremony that will take place on 22 February 2026 at the historic Arena di Verona.
The venue itself should be spectacular, built by the Romans around 30 of the common era and beautifully preserved. It has been the site of musical performances for more than a century, with opera seasons running since 1913!
Improvements to the walkways and other safety elements are being made as part of the Italian government’s Games support program overseen by government construction management firm Simico.
In terms of the show:
“The official render of the stage that will host the Ceremony at Arena di Verona was unveiled during the event. The set design will be inspired by a drop of water, symbolizing a natural cycle in constant motion that unites mountains, plains, cities, lagoons, the sea and the sky.
“The tribute to water, which, in its solid form is essential for winter sports, will guide the creation of the stage, setting up a completely new look for the Arena. The stage and the public will no longer be separated: the center of the stage will be a big Italian square, alive and everchanging, allowing movement, shiny surfaces, choreographies and scene transformations.
“The athletes, the true protagonists of challenges, dreams and unforgettable achievements, will be at the centre of a shared celebration, which will pay tribute to their courage, hard work and pride in overcoming their limits.”
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As expected, the Russian Ski Association and the Russian Paralympic Committee filed on Thursday against the International Ski & Snowboard Federation (FIS) at the Court of Arbitration for Sport to allow Russian athletes to compete for qualifying positions for the Milan Cortina Winter Games as “neutral athletes.”
No hearing date has been set as yet. FIS has declined to allow “neutral” athletes in its competitions.
● Olympic Winter Games 2030: French Alps ● One day after the Olympic Winter closing in Verona, the Olympic flag – which will be handed over during that ceremony – will arrive in Albertville (FRA), the site of the 1992 Winter Games to recognize the beginning of the journey to 2030.
● Russia ● An on-site audit of the Russian Anti-Doping Agency (RUSADA) by the World Anti-Doping Agency is coming soon, but it hasn’t been easy. RUSADA Director General Viktoria Loginova told the Russian news agency TASS:
“Finally, today we can say that, in all likelihood, the audit will take place soon. We are preparing for this. For a long time, the issue was that we couldn’t guarantee the experts’ safety, so the audit was postponed. But we’ve written letters repeatedly, and thanks to the Ministry of Sport’s negotiating position, this step has been taken, and the audit will take place.
“This audit is to determine the extent to which the Court of Arbitration for Sport’s decisions have been implemented, including the payment of certain fines, fees, and everything related to bans. WADA will evaluate all of this. And, of course, the issues of our independence, the issues outlined in the CAS decision.”
The WADA audit is seen as a key test ahead of any consideration for RUSADA’s reinstatement.
● Athletics ● The All-Russian Athletics Federation is proposing a “phased” return of Russian athletes to international competition. Federation Secretary General Alexander Jorjadze, speaking at the “Russia: A Sports Power” forum in Samara explained:
“We proposed a phased return to World Athletics, starting with juniors. This is the paradigm we’re pursuing in our dialogue; it’s slow, but it’s happening. Everything has been communicated to the International Federation Council. There is dialogue, but we can’t set a timeline.
“Our situation is difficult. The All-Russian Athletics Federation is subject to permanent sanctions. As a federation, we are almost completely deprived of all opportunities, and there are other restrictions. The situation is complex, but not a dead end.
“We are in dialogue, it’s not public. The two presidents, Sebastian Coe (GBR/World Athletics) and Petr Mikhailovich Fradkov (ARAF), are in contact. There is a working group on the reinstatement of Russian and Belarusian athletes.”
● Equestrian ● Russian and Belarusian “neutral” teams will be able to compete beginning in 2026, under a decision taken by the Federation Equestre Internationale (FEI) Board on Wednesday.
Russian and Belarusian equestrians had been approved as “neutrals” in individual events, but not teams. Despite a continuing request from the International Olympic Committee for Russian and Belarusian teams not to be allowed in international competitions, some federations are allowing “neutral” teams in aquatics, for example.
Further, the FEI eliminated outside reviews of “neutrality,” deciding “the checks of neutrality will be delegated to the relevant NFs. Appeals will be handled by the FEI. The decision is effective immediately.”
FEI events will also now be allowed to be staged in Belarus, as of January 2026.
● Figure Skating ● The International Skating Union formally revised the results of 2022 European Skating Championships, in which Russian Kamila Valieva won on the ice, but was later famously disqualified for doping.
This moves Russians Anna Shcherbakova and Alexandra Trusova to first and second, with Belgium’s Leona Hendrickx now third.
● Football ● At the FIFA women’s U-17 World Cup in Morocco, defending champion North Korea advanced to the finals once again on Wednesday with a 2-0 win over Brazil. The Netherlands got by Mexico, 1-0, on a 69th-minute goal by Lina Touzani.
The final comes on Saturday (8th),with the Dutch in the medals for the first time ever. North Korea has won the tournament in 2008, 2016 and 2024 and finished second in 2012.
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FIFA announced a new “FIFA Peace Prize,” to be awarded at the 2026 FIFA World Cup Draw in Washington, D.C. on 5 December, “to reward individuals who have taken exceptional and extraordinary actions for peace and by doing so have united people across the world.”
The award is to be made annually, with multiple reports indicating that the award will be given to U.S. President Donald Trump, who has a close relationship with FIFA chief Gianni Infantino (SUI).
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FIFA announced fan voting has opened for its player of the year awards, with Lindsey Heaps of the U.S. on the list for the top women’s player and Phallon Tullis-Joyce one of six choices for best women’s keeper.
Voting for this phase will run through 28 November; four groups – coaches, captains, football media and fans – will each be weighted as 25% in the survey.
● Sailing ● Dutch star Marit Bouwmeester announced her retirement from competitive sailing and, at 37, will concentrate instead on the Marit Bouwmeester Academy, to promote sailing to children. She explained in a World Sailing post:
“Sport has given me so much; now I want to give something back. Sailing, SUP, canoeing: they should be as natural for kids as swimming or skating.”
Bouwmeester dominated the Laser Radial class, winning silver-gold-bronze-gold at the 2012-16-20-24 Olympic Games, and five World Championships golds in 2011, 2014, 2017, 2020 (plus four silvers!). She was the Rolex World Sailor of the Year winner in 2017 and 2024.
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