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April 20, 2011

BOA, LOCOG settle 2012 funding row


April 20, 2011

LONDON: The funding row surrounding the 2012 Olympics has been settled after the British Olympic Association (BOA) withdrew its claim that surplus funds should be calculated before Paralympic costs were taken into account.
The BOA and Games organisers LOCOG issued a joint statement on Tuesday giving details of a new agreement between the two, that also includes a new package of benefits for the BOA.
The BOA had planned to take the case to the Court of Arbitration for Sport after claiming that its original agreement with LOCOC meant that the 20 percent of any surplus it was due should be calculated before including any costs from the Paralympics, a far less profitable event than the main Games.
LOCOG, backed by the International Olympic Committee (IOC), interpreted the agreement to mean that any calculations should be carried out after both events.
The BOA suspended its CAS case two weeks ago and, after a series of meetings, the two sides agreed on the later interpretation and the BOA has now withdrawn the CAS case.
BOA chairman Colin Moynihan and chief executive Andy Hunt had both been suspended from London 2012 board meetings because of the action but, subject to board approval, will resume their places.
The sides agreed a number of other measures to aid the BOA with its work during and after the Games.
These include LOCOG waiving its royalty fee on “two iconic items” of 2012 merchandise so that the proceeds are designated exclusively for Team GB/BOA, additional Games tickets for the BOA and increased LOCOG support for the British team, including extra access to venues before the Games.
IOC President Jacques Rogge welcomed the new agreement. “This will now allow all the parties involved to fully concentrate on delivering what will be outstanding Games in London next year,” he said in a statement.

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