(ATR) The U.S. Olympic Committee and the IOC say they have made abreakthrough in their negotiations for a new revenue sharing agreement.
A statement today from the USOC and IOC declares that the two sides have reached agreement on a significant financial contribution from the USOC to resolve the Games' costs issue.
Games costs are the fees paid by NOCs to help pay for the Olympics. USOC spokesman Patrick Sandusky says the terms of the agreement are confidential.
The USOC and IOC have been under pressure for a few years now to increase the amount paid by the U.S., along with a reduction in the share of IOC marketing revenues received by the U.S.
The USOC receives 20 percent of IOC marketing revenues, 12.75 percent of broadcast revenues in a deal that was struck about 20 years ago.
The size of the U.S. share was said to be one of the issues that may have turned away IOC members from voting for Chicago in the race for the 2016 Olympics.
Olympic Movement leaders such as Denis Oswald, IOC Executive Board member and president of the Association of Summer Olympic International Federations have blasted the financial arrangement with the U.S. Oswald wants to see more money go to the International Federations he represents.
National Olympic Committees, many of which receive a fraction of the amount paid to the USOC, want a larger share of the IOC revenues distributed to them through Olympic Solidarity.
Last year the IOC and USOC announced their intention to strike a new deal for revenue sharing by 2013 that would take effect in 2020.
USOC CEO Scott Blackmun told Around the Rings that talks last month in Singapore with the IOC led him believe that some of the outstanding financial issues could settled "sooner than later".
The joint release notes that a "very productive and amicable meeting" was held in Singapore.
Blackmun acknowledges that the financial arrangement with the IOC needs to be renegotiated before the U.S. can launch a new bid for the Olympic Games.
"I am very pleased that we can put the issue of Games' costs behind us for the time being so that we can pursue a broader discussion. That discussion will be difficult and complicated, but we will be aided by the fact that we can have a constructive dialogue, and that would not have been possible just a few months ago," says Blackmun in a statement.
"I am pleased that our relationship has progressed to the point where we can begin to make significant headway on a number of issues that have been a point of contention between the USOC and the IOC," says USOC chairman Larry Probst.
"This agreement demonstrates that when people work together constructively to develop innovative solutions to challenging problems, the future of the Olympic Movement will benefit," he says.
Written by Ed Hula.
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