USOC optimistic on financing deal with IOC

The head of the U.S. Olympic Committee says he’s optimistic he
can reach an agreement with the IOC about financing future
games.

Dow Chemical Co. and Procter & Gamble Co. announced new
10-year sponsorship deals with the International Olympic Committee
last month, which USOC chief executive Scott Blackmun said will
help boost revenue.

”It gives us revenues we didn’t have before so in that sense it
kind of makes the pie bigger for everyone,” Blackmun said in a
telephone interview Monday.

The two sides are negotiating how much the USOC should pay
toward the administrative costs of staging the Olympics, a first
step toward a possible revision of the revenue-sharing
agreement.

”On that issue (the cost of the games) and other revenue
issues, we feel very optimistic,” Blackmun said. ”We’re still
working in good faith with the IOC.”

The sides agreed last year to begin negotiations in 2013 on a
new revenue-sharing formula to go into effect in 2020.

Currently, the USOC gets a 20 percent share of global
sponsorship revenue and a 12.75 percent share of U.S. broadcast
rights deals.

Adding Dow and P&G gives the 2012 London Olympics 11
top-tier sponsors, including Acer, Atos Origin, Coca-Cola, GE,
McDonald’s, Omega, Panasonic, Samsung and Visa.