9 Sep 2013

IOC finances booming

10:57 am on 9 September 2013

The International Olympic Committee's financial reserves edged closer to $US1 billion in 2012, up from just $105 million when the outgoing president Jacques Rogge took over 12 years ago.

Rogge, who's stepping down this week, has overseen unprecedented financial growth within his organisation despite the economic turmoil of recent years.

He said the IOC's finances were boosted by steadily growing revenues from broadcast and sponsorship deals.

Rogge had been eager to boost reserves during his presidency, especially after the 2008 economic downturn, in order to secure the IOC's existence in the case of a Games cancellation or other unexpected event.