Olympic Committee signs $14bn of deals in 17 months

The International Olympic Committee (IOC) has signed $14 billion in deals since the Sochi Winter Olympics last year, a spokesman said Tuesday highlighting the sports body's financial strength.

Eighteen contracts signed in the past 17 months include 13 broadcast deals, one for $7.65 billion with US broadcaster NBC television to show the Olympics in the United States up to 2032.

Discovery Communications of the United States bought the 2018-2024 broadcasting rights for most of Europe for $1.45 billion.

The IOC has also signed up Bridgestone and Toyota as top level sponsors and renewed existing accords with Atos, Panasonic and Samsung.

IOC spokesman Mark Adams said the deals "represent a significant contribution to the long-term financial stability of the Olympic movement up to 2032.

"The establishment of this strong and stable financial foundation allows the IOC to redistribute more than 90 per cent of its revenues to support athletes and sport around the world — the equivalent of 3.25 million dollars a day, every day of the year," Adams added.
Source: AFP