IOC, U.S. Committee Reach Compromise

LAUSANNE: The International Olympic Committee (IOC) and the U.S. Olympic Committee (USOC) have reached a compromise in their revenue-sharing dispute, after the IOC alleged that USOC was receiving more than its fair share of the intake from the games.

According to published reports, USOC receives 20 percent sponsorship money from the games and 12.75 percent of the TV broadcasting rights. IOC has maintained that USOC is receiving too big a piece of the pie. Gerhard Heiberg, the chairman of the IOC Marketing Commission, led a three-member IOC delegation that included Denis Oswald, president of the Association of Summer Olympic International Federations, and Mario Vazquez Raña, president of the Association of National Olympic Committees. They met on the sidelines of Sportaccord with USOC’s chairman, Larry Probst, acting CEO Stephanie Streeter and 1st VP of international, Bob Ctvrtlik.

In a press release following the meeting, USOC said it "agreed to the principle of participation in the Games costs at an appropriate level." IOC and USOC will enter into discussions in 2012 to hammer out a new revenue sharing agreement that would take effect after 2020.