Reuters: Sports News: IOC and U.S. reach revenue-sharing deal

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IOC and U.S. reach revenue-sharing deal May 24th 2012, 17:52 By Steve Keating QUEBEC CITY | Thu May 24, 2012 1:52pm EDT QUEBEC CITY (Reuters) - The International Olympic Committee (IOC) voted to approve a revenue-sharing deal with the United States on Thursday that ends a long-running feud that had paralyzed American efforts to stage an Olympic Games. The announcement by IOC president Jacques Rogge clears the path for future bids by the United States Olympic Committee (USOC), which had held firm on its pledge to not seek a Winter or Summer Games until a new revenue deal was in place. The dispute over how to divide billions of dollars in TV rights and sponsorships had dragged on for years and left the USOC a virtual outcast within Olympic circles. Before Olympic leaders arrived in Quebec City this week for executive board meetings there were no hints an agreement was imminent, USOC chairman Larry Probst telling reporters recently that he hoped a deal would be reached by the end of the year. Few details of the deal were immediately available. The IOC had argued that the USOC received more than its fair share from global marketing contracts and U.S. broadcasting revenues and wanted a fairer distribution of the Olympic pie. The USOC felt it was entitled to a larger share, claiming that it is American TV rights and sponsors that keeps Olympic coffers flush with cash. (Editing by Frank Pingue) Link this Share this Digg this Email Reprints

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