LONDON (AP) — The U.S. Olympic Committee says it has reached agreement with the IOC on a key financial issue that has divided the two organizations.
The USOC announced Thursday that it has come to terms with the International Olympic Committee on a “significant financial contribution” toward the administrative costs of staging the games.
The agreement clears the way for the two sides to start negotiations on a more substantial long-term revenue-sharing agreement.
USOC chairman Larry Probst says the two bodies are at the point where they “can begin to make significant headway on a number of issues that have been a point of contention between the USOC and the IOC.”
