The original scheme for the modern Olympic Games was hatched at an international sports conference at the Sorbonne in June 1894. At the time, few provisions were made for the financial underwriting of the project providence and the beneficence of host cities would somehow take care of the costs. For much of the first century of modern Olympic history, this was the case, until the advent of television and corporate sponsorship transformed that idealism.

Now, linking with the five-ring logo is good business. Advertising during the Olympic Games guarantees a global audience unmatched in...