The International Olympic Committee (IOC) and US Olympic Committee (USOC) have reached an agreement in principal concerning the future financial participation in the Olympic Games.
Last week IOC members aired frustrations over contracts made with the USOC that have taken on different meaning in light of the current economic crisis. The members were believed to be concerned that USOC received more than its fair share of sponsorship and television revenues.
According to a joint statement, USOC agreed to the principle of keeping participation in the Games costs at an appropriate level. The IOC and the USOC also agreed to enter into discussion in 2013 to resolve the issue of revenue sharing for the period after 2020 “in the best interest of the Olympic Movement and Olympic Solidarity”.
USOC chairman Larry Probst, acting CEO Stephanie Streeter and vice president Bob Ctvrtlik met with a three-member team led by IOC Marketing chairman Denis Oswald at the SportAccord event in Denver last week.
IOC president Jacques Rogge denied at a press conference that the ongoing dispute had any impact on Chicago’s 2016 Olympic bid, saying “the two issues are separate … the linkage has been made by the media.”
