19 Mar 2009

US Olympic committee lays off more than ten percent of staff

4:08 pm on 19 March 2009

The US Olympic Committee has laid off 54 employees as part of its plan to trim its budget by five per cent to deal with the tougher global economic climate.

The layoffs equate to 13 per cent of the organisations workforce as it looks to its operating budget from around $260 milion to $250 million.

Five of 22 of the USOC's key sponsor deals - worth almost $30 million each - remain unfilled, though at least two of those are thought to be near renewal.