No deal: US, IOC still lack agreement on revenues
Friday, December 2, 2011
LONDON (AP) -- Despite nearly a year of negotiations, international and U.S. Olympic leaders have been unable to resolve a long-running financial dispute that is blocking any American bid for the games.
Both sides had hoped to reach an agreement on the revenue-sharing issue by next week's IOC executive board meeting, but now appear resigned to missing that informal deadline and extending the protracted talks into 2012.
IOC marketing commission chairman Gerhard Heiberg tells The Associated Press "it is taking longer than what we originally thought."
At the heart of the dispute is a long-standing formula that gives the U.S. Olympic Committee a 20 percent share of global sponsorship revenue and a 12.75 percent share of U.S. broadcast rights deals.