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SPORTS
19 Apr 2011
BOA AND LOCOG AGREE DEAL IN 2012 GAMES FINANCE DISPUTE

The British Olympic Association and the London 2012 organising committee (Locog) have reached a deal to settle their bitter financial dispute.

An agreement to end the row was concluded late on Monday night.

The relationship between the parties broke down after the BOA questioned how any financial surplus from the Games would be calculated and divided.

The BOA wanted its 20% share based on Olympic income only but has now accepted defeat on that issue.

That means the cost of staging the Paralympics will be taken into account when calculating the surplus, as Locog had insisted should be the case.

Monday's settlement, which is welcomed by the International Olympic Committee, confirms all previous financial arrangements between the two organisations.

Any Games surplus will be distributed on the basis of 60% for the benefit of sport in the UK, 20% to the IOC and 20% to the BOA.

But Locog will waive rights to royalties on two items of Team GB merchandise and allow the BOA to buy extra Olympic Games tickets.

The IOC ruled in favour of Locog last month but the BOA began proceedings at the Court of Arbitration for Sport (Cas) in Lausanne in an attempt to gets its way.

Those proceedings were halted a fortnight ago so that the two sides could work on a negotiated settlement and have now been dropped completely following Monday's resolution.

BOA chairman Lord Moynihan and chief executive Andy Hunt were suspended from Locog while the dispute continued but their return has been agreed in principle.

Commenting on the agreement, Hunt said: "We appreciate the spirit of partnership and cooperation that Locog brought to our discussions.

"With this matter now resolved, the BOA will be able to keep its attention focused entirely on our preparations to support Team GB at the Games."

Locog chief executive officer Paul Deighton added: "I am glad this issue has been put behind us and we can all get on with delivering Games next year that will make this country proud.

"I would like to thank Andy and his team for creating the right environment for us to reach this settlement."

London 2012 will also "pro-actively support" the BOA's efforts to secure sponsors and other commercial partners for the 2013-2016 period.

IOC president Jacques Rogge made it known privately he wanted an end to the damaging dispute as quickly as possible.

Much of the Olympic community had rallied behind Locog in recent weeks, leaving the BOA with little room for manoeuvre.

There were calls for Lord Moynihan, who was elected BOA chairman in 2005, to resign if the case was rejected by Cas.

Source: bbc.co.uk

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