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QUEBEC CITY – International and U.S. Olympic leaders finalized a newrevenue-sharing agreement on Thursday that ends years of acrimonybetween the powerful bodies and clears the way for future Americanbids for the games. After years of protracted negotiations, the landmark deal wassigned by both sides after receiving final approval from theInternational Olympic Committee executive board. The long-term agreement was formally announced at a news conferenceby IOC President Jacques Rogge and U.S. Olympic Committee chairmanLarry Probst and CEO Scott Blackmun. "This is a very happy moment," Rogge said. "This agreement willdefinitely strengthen both sides." Probst called it a "terrific arrangement for both the IOC and theUSOC, a great outcome for the Olympic movement around the world." The deal, which runs until 2040, resolves the long-running disputeover the U.S. share of Olympic television and marketing revenuesthat soured relations and undermined recent American bids for thegames. The USOC had said repeatedly it will not bid again until therevenue issue was resolved. With a deal in place, the U.S. willconsider whether to bid for the 2022 Winter Games or 2024 SummerOlympics. "We hope this has removed a road block from a successful bid forthe United States," Probst said, adding that the USOC would hold aboard meeting in San Francisco in June to consider how to moveforward. Lingering international resentment over the U.S. share of revenueswas a key factor in New York's failed bid for the 2012 Olympics andChicago's stinging first-round elimination in the vote for the 2016Games. Under a long-standing contract, the USOC has received a 20 percentshare of global sponsorship revenue and a 12.75 percent cut of U.S.broadcast rights deals. The IOC believed the U.S. share, set out inan open-ended contract dating to 1996, was excessive and should berenegotiated. The IOC and USOC officials declined to give specifics of the newdeal at the news conference. However, officials familiar with the agreement told The AssociatedPress the new revenue-sharing terms will take effect in 2020.According to two senior officials with knowledge of the terms, theUSOC will retain the revenue it currently receives but its TVrights share will be reduced to 7 percent on any increases inbroadcast deals and its marketing share cut in half to 10 percenton increases in sponsorship revenue. The two officials spoke on condition of anonymity because the termsare not being made public. In addition, the USOC agreed to contribute to the administrativecosts of staging the Olympics — $15 million through 2020 and$20 million after 2020, the officials said. The contract alsocovers issues related to ownership of Olympic rights, trademarksand historic TV footage. Talks to reach a settlement have been going on for more than twoyears. The deal was essentially sealed when IOC director generalChristophe De Kepper traveled to Washington last week to meet withBlackmun and tie up the final details. Both men got the backing oftheir respective boards. The U.S. last hosted the Summer Olympics in 1996 in Atlanta andlast staged the Winter Games in 2002 in Salt Lake City. Among the U.S. cities that have expressed early interest in biddingfor the 2022 Winter Olympics are Salt Lake City; Denver; Reno-LakeTahoe, Nevada; and Bozeman, Montana. Dallas is among thoseinterested in the 2024 Summer Olympics. We are high quality suppliers, our products such as Plastic Blow Mold Manufacturer , Flocked Hanger Manufacturer for oversee buyer. To know more, please visits Plastic Injection Mould.
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