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IOC to receive ‘significant financial contribution’ from USOC

The US and International Olympic Committees have reached an agreement to resolve their long-standing dispute over the Olympics. According to the Associated Press, the USOC will contribute $18 million to cover administrative costs of staging the Games.

The two sides have also committed to start negotiations in 2013 over a new revenue-sharing agreement to come into effect from 2020.

IOC members, international federations and national Olympic committees have long complained that the large share of TV and sponsorship revenue allocated to the USOC was based on old contracts.

The row is understood to have been a major influence in the Chicago bid for the 2016 Summer Games being eliminated in the first round of voting last October.

The broadcasting deal for the Olympics in the US is the single largest revenue source of the IOC.