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MUMBAI:
The International Olympic Committee (IOC) and the United States
Olympic Committee (USOC) have signed a new revenue sharing
agreement that will govern the financial relationship between
the two parties for two decades, beginning in 2020 running
through till 2040.
Newswire
AFP quoting unnamed officials said that "the USOC will
retain the revenue it currently receives, but it would net
a smaller share from television and marketing deals as overall
revenues rise above a set minimum".
Under
the old agreement, the USOC receives 20 per cent of the funds
from the IOC's top sponsors and 12.5 per cent of the US television
revenue from the Games until 2020 which is the amount that
all other Olympic committees receive put together.
The
reason USOC received a major chunk of IOC's revenue was due
to the fact that most of the sponsorship and television revenue
came from US.
The
deal, which runs until 2040, paves the way for US to bid for
the 2022 Winter Games or 2024 Summer Olympics. The USOC has
maintained that it will not bid for Olympic Games until its
dispute over the share of Olympic television and sponsorship
revenues are resolved.
"The
USOC is an absolutely crucial pillar in the Olympic Movement.
This agreement lays a cornerstone which will provide the foundations
for the continued growth of the Movement and our shared values,
not just in the United States but around the world,"
said IOC President Jacques Rogge.
USOC
president Larry Probst added, "I would like to thank
President Rogge and his colleagues at the IOC who worked so
diligently over the course of the last year and a half to
find a solution that works for all parties. I can confidently
say that we have accomplished that goal and have set the stage
for a much more collaborative relationship going forward."
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