POSTED: July 24th 2012
IOC pleased with new USOC revenue share agreement through 2040
LAURA WALDEN in LONDON / Sports Features Communications
July 24 - Head of the International Olympic Committee (IOC) marketing commission Gerhard Heiberg reported to the IOC session on the new USOC-IOC revenue share agreement starting this last May. Heiberg is also well known as the president and ceo of the Lillehammer '94 Games.
Heiberg noted, "This has taken a long time, we have had discussions for several years.
"Discussions were also friendly, I would like to take the liberty to say that the agreement is mutually good for both parties. I will not go into detail but here are some highlights.
"As of May 2012 the new agreement was started and will run to the end of the year of 2040.
"Any eventual disagreements of the agreement will be arbitrated by the Court of Arbitration in Sport (CAS).
In brief the new agreement scales down the USOC share of the American broadcast rights in the year 2021 from around 12.75% to down to 7% and the TOP sponsorship program will go from 20% to half at 10%. Earlier on they had agreed that there needed to be time to implement the new revenue share given the USOC's current financial responsibilities.
Also the IOC has already settled the American broadcast rights through 2020 with NBC for US$4.38 billion so the agreement will take into effect with the new tender for American rights.
Heiberg added, "This length was much debated. I think we found an agreeable time for the both of us. If there is any need for changes this can be put to the CAS for discussion."
"After being involved with this negotiation for 6 years I am very happy that we have come to this conclusion."
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