IOC reports $588 million in financial reserves
Monday, July 23, 2012
LONDON (AP) -- IOC President Jacques Rogge says the Olympic committee's financial situation remains solid with reserves of $558 million.
Rogge presented details of the finances in his report Tuesday at the opening of the International Olympic Committee's three-day general assembly ahead of the London Games.
The reserves figure is down from the $592 million reported at the previous IOC session in Durban, South Africa, a year ago. The decline is likely due to fluctuations in currency exchange rates.
The financial reserves, which have grown from $105 million in 2001, are designed to allow the IOC to continue operating for four years in the event of an Olympics being canceled.
More like this
IOC financial reserves close to $600 million
