The BOA, which is facing a £10 million funding gap ahead of 2012, is squabbling with LOCOG over whether net costs involved in the staging of the Paralympic Games should be separated from any operating profit generated by the Olympics. On Wednesday, the International Olympic Committee agreed to mediate between the organisers and the BOA.
However, the BOA stated: "The International Olympic Committee has been extremely helpful to the BOA and the London 2012 Organising Committee in attempting to reach consensus on this very important matter and we thank them for their efforts."
The statement added: "We are committed to reaching a resolution that is fair, equitable and ultimately contributes to the post-Games legacy from what we know will be the highly successful London 2012 Olympics."
