Rio beats Madrid to 2016 Olympic Games

The International Olympic Committee has awarded the 2016 Olympic Games to the Brazilian city of Rio de Janeiro.

Rio won the race ahead of Madrid at the IOC meeting in Copenhagen, after bids from Tokyo and the pre-voting favourite Chicago were earlier eliminated.

David Abrutyn, Managing Director and Head of IMG Global Consulting said that the result was the closest in history and was a positive one for the Olympic Movement.

Abrutyn believes that the benefits to the Olympic movement of Rio's victory are clear, stating "the IOC gets to take its Games to the only region of the world that has never had the experience of hosting them.

"The Olympic movement constantly stresses its credentials as the peopleâs Games and how better to show that than to take the Games to Rio and South America.

"The Brazilian economy is strong and is seen by all as a growth market ... and from a commercial standpoint, there is a parallel with Beijing and the impact the Chinese Games had in bringing new companies into a thriving and important BRIC market.

"A Rio Games represents a big appeal for companies looking to do business and hoping to get into the South American market. It will act as a catapult for their business interests."

Abrutyn, who oversees IMGâs global Olympic business, said that regardless of who had won the bid, the result was always going to be positive for the Olympic Movement, adding "these were four bids of exceptional quality and it is no surprise that it was the tightest race in Olympic history.

"The work all four bids have put in over the last three years or more is incredible and the interest generated over that time, and especially over the last few weeks, has been nothing but a boon for the Olympic Games and the Olympic movement.

"The competition to host the 2016 Games has been as great and more captivating as any in history, in part because of the importance accorded to the process by the respective heads of states and the presence and real support today from the nationsâ political leaders has elevated this race beyond sport and the Olympic Games, into a news story of global, political and economic interest.

"And whichever city and region wins the Games, there is always a definite boost to the Olympic movement in that part of the world.

"Even for the losers, there is a legacy of awareness and interest from having been involved in the race."