25 May 2012

IOC and US reach revenue-sharing deal

7:15 am on 25 May 2012

The International Olympic Committee has voted to approve a revenue-sharing deal with the United States, ending a long-running feud that had paralysed 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, 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 America a virtual outcast within Olympic circles.

The US Olympic Committee claims it's been American TV rights and sponsors that have kept Olympic coffers flush with cash.