Olympics

Jan 11, 2011 5:59 PM

IOC and USOC begin revenue talks

LAUSANNE, Switzerland (AP) U.S. and international Olympic officials have opened talks on a new revenue-sharing agreement that could resolve their long-running financial rift.

U.S. Olympic Committee leaders held a first formal meeting with International Olympic Committee officials in Lausanne on Tuesday to seek a deal covering the split of sponsorship and television money. The new formula would take effect from 2020.

The discussions were held at IOC headquarters and lasted about an hour. They were meant to be secret but The Associated Press learned of the talks and confirmed them with both sides.

USOC chief executive Scott Blackmun says the delegations had "a good, constructive dialogue on the overall allocation of resources."

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