The study has highlighted six key conclusions related to collective bargaining, the unbalanced distribution of funds, the prioritising of funding, Olympic Charter Rule 40, professional sport compared to Olympic sport and the lack of transparent financial reporting.

As part of the study, a comprehensive review of the International Olympic Committee (IOC)'s financial reports between 2013 and 2016 was undertaken.

On the issue of collective bargaining, the report said: "Athletes should be appropriately compensated for preparing for and attending the Olympic Games.

"Currently the majority of athletes and their families financially subsidise years of training, travel and equipment to compete for a multi-billion dollar industry of the Olympic Games."

On the issue of the unbalanced distribution of funds, the report said: "Athletes who sell the Olympic Games currently only receive 4.1 per cent funding directly from the Olympic Movement revenues through scholarships, grants, and awards for successful competition, numbers which athletes cannot negotiate."

To support this argument, the study referenced that the IOC's annual revenues exceed $1.4 billion (£1.13 billion/€1.29 billion).

On the issue of the prioritisation of funding, the report said: "Instead of the IOC spending its privately earned revenues compensating athletes, the majority of these funds go towards financing the many internal and external organisations affiliated with the IOC including funding of International Federations, Continental Olympic Committees, National Olympic Committees, The Olympic Channel, The Olympic Museum and Olympic Studies."

The report also called for the abolition of Rule 40 of the Olympic Charter, a rule which prohibits athletes from profiting from their association with the Olympic Games.

On this issue the report said: "The IOC relaxation of Rule 40 does not go far enough.

"To date less than 10 of the 206 National Olympic Committees have relaxed Rule 40 for their athletes. 

"Rule 40 should be abolished in place of collective bargaining."

On the issue of professional sport compared to Olympic sport the report said: "Despite the IOC’s claim of a non-profit status, the IOC reliance on broadcast rights and revenues makes the Olympic movement much more closely resemble a professional sports league. 

"Yet the five largest professional sport leagues in the world pay between 40 per cent and 60 per cent of their revenues directly to players, however the IOC has spent a mere 4.1 per cent on athletes."

On the issue of the lack of transparent financial reporting the report said: "There must be mandatory open financial reporting for all members of the Olympic Movement. 

"This must include the financial compensation provided to athletes to train and compete at the Olympic Games."

Global Athlete say the aim of their study is to "develop a more collective approach to how sport is being run, to help it flourish for all parties involved."

The study was completed in partnership with Ryerson University and the Ted Rogers School of Management, both located in Toronto in Canada.