The International Olympic Committee (IOC) marketing chief Gerhard Heiberg said Tuesday that a new long-term deal between the IOC and the U.S. Olympic Committee (USOC) will run to 2040 and will be beneficial to both sides.
Reuters reports Heiberg said, “this agreement is good for both parties, it is good for the IOC and the USOC as well. The new agreement will unconditionally terminate in 2040. This is a long-term agreement”.
According to the deal the U.S. share from broadcasting rights will be reduced from 2021 onwards down to seven per cent from just over 12 per cent said Heiberg at an IOC session in London.
The USOC’s share from the IOC’s top sponsorship program will be halved from 20 to 10 per cent starting in 2021.
The IOC has argued the USOC’s share was no longer representative of its sponsors as more companies from other parts of the world had joined.
The USOC had felt it was entitled to a larger share since American television rights and sponsors keeps Olympic coffers flush with cash.
