"The sale of broadcasting and media rights is now the biggest source of revenue for most sports organizations, generating the funds needed to finance major sporting events, refurbish sports stadia, and contribute to the development of sport at grassroots level. Of the estimated $1.7 billion paid by broadcasters for exclusive rights to broadcast the 2008 Beijing Olympic Games, about half went to the organizing committee for the Games and the other half to the broader Olympic movement, including National Olympic Committees and the international federations for the various Olympic sports." (Quoted from article)