In modern Russia, the Olympic Games are associated with nationalism. However, an opportunity to experience nationalistic pride may not be the only reason for people to like the event. The philosophy of Olympism portrays sport as an instrument to promote universal solidarity and internationalism, which could also be at the centre of peoples’ preferences. Moreover, the longstanding sportive past of the USSR may have resulted in a perception of the event as something that is valued as a tradition. This study tests which of these facets dominate the perception of the Olympic Games among Russians. We operationalize the three facets through the conceptually relevant values of Power, Universalism, and Tradition and use a survey (N = 421) to test how values of people relate to their attitudes towards the Olympics. The results show that preferences based on nationalism, Olympism, and Tradition coexist and attract people with different value priorities.