IOC Asked To Mediate Funding Dispute Between LOCOG & British Olympic Authority
A major dispute is brewing between two of the organizations responsible for running the London 2012 Olympic Games. The Telegraph reports that the British Olympic Authority has asked LOCOG to renegotiate the joint marketing agreement both parties signed in July 2005. The IOC has been asked to settle the dispute, but if they are unsuccessful the case could be sent to the Court of Arbitration for Sport (CAS).
The BOA reportedly sold the marketing rights for the use of the Olympic brand in Great Britain to LOCOG for an estimated £30m in 2012, but the BOA's current administration is claiming the deal was severely undervalued relative to similar agreements such as the one between the Brazilian Olympic committee and organizers of the Rio 2016 Games. InsidetheGamez.biz says that The BOA needs to come up with £5 million ($8 million) to meet its existing obiligations for next year's Games.
