No, the Olympics Haven't Aways Been About Corporate Profit.

It's only been in my lifetime that the Olympics have turned from being a celebration of amateur sport (albeit heavily politicized) into one big advertising vehicle for multinational corporations, ultimately at the expense of the host city.

The IOC originally resisted funding by corporate sponsors. It was not until the retirement of IOC president Avery Brundage, in 1972, that the IOC began to explore the potential of the television medium and the lucrative advertising markets available to them. Under the leadership of Juan Antonio Samaranch the Games began to shift toward international sponsors who sought to link their products to the Olympic brand.

--Wikipedia

The sale of the Olympic brand has been controversial. The argument is that the Games have become indistinguishable from any other commercialized sporting spectacle. Specific criticism was levelled at the IOC for market saturation during the 1996 Atlanta and 2000 Sydney Games. The cities were awash in corporations and merchants attempting to sell Olympic-related wares. The IOC indicated that they would address this to prevent spectacles of over-marketing at future Games. Another criticism is that the Games are funded by host cities and national governments; the IOC incurs none of the cost, yet controls all the rights and profits from the Olympic symbols. The IOC also takes a percentage of all sponsorship and broadcast income. Host cities continue to compete ardently for the right to host the Games, even though there is no certainty that they will earn back their investments.

--Wikipedia