The US Olympic Committee (USOC) is looking to examine its budget just three months after cutting administrative costs by 10 per cent and reducing staff.
The USOC board, led by Electronic Arts chairman Larry Probst, studied the organisation’s financial picture. USOC has already curbed meetings, staff travel, professional training and started the process of trimming its workforce.
“Every business is taking a close look at their revenues and expenses,” added USOC spokesman Darryl Seibel. “We’re an organisation that doesn’t have unlimited resources. We need to make sure we’re positioned to weather the storm.”
USOC has a 2009 budget of around $140 million. The organisation boasts 17 sponsorship agreements through to 2012 but hasn’t renewed deals with AT&T and Bank of America or found companies to fill voids left by General Motors, The Home Depot and Kellogg’s.
