David D’Alessandro, chairman and chief executive officer of John Hancock Financial services, wrote in a letter to acting United States Olympic Committee (USOC) president Bill Martin that his company would help pay for an independent audit of the USOC’s finances and business practices and would ask other sponsors to contribute.
According to the letter, which appeared in The New York Times and The Gazette of Colorado Springs, an audit would cost a few hundred dollars and take up to 45 days.
D’Alessandro wrote in the letter, “The financial improprieties, questionable business practices and perpetual instability are obviously damaging the Olympic image in this country and need to be addressed concurrently”.
The Associated Press reports that USOC spokesman Darryl Seibel said the organization will carefully consider D’Alessandro’s recommendations and appreciates his willingness to help pay for the audit.
D’Alessandro has threatened to exercise a morals clause in his Olympic sponsorship contract to negate his agreement to support the USOC with about $10 million a year.
