IOC Supports BOA for Funding Issues of 2012 London Olympics

For the funding of 2012 Olympic Games, International Olympic Games has favored London Organising Committee. According to British Olympic Association, reduction in any surplus is mainly based on the Olympic Games.

IOC has fully supported LOCOG and said that deal with BOA in the year 2004 was impartial. BOA will take the matter to Court of Arbitration for Sport (CAS). The court is based in Lausanne and is regarded as the final adjudicator in disagreements that happened between individuals and sporting bodies. According to a BOA Statement, “Decisions made by CAS are final and binding, and CAS is the agreed forum for resolution as specified by the Olympic Charter and the key contractual agreements between the various Olympic stakeholders.”

The statement further said, “We are confident this will result in a solution that is equitable for all, and will ensure the London 2012 Olympic Games serve as a catalyst for the continued growth of sport, and expanded levels of support for athletes, throughout the UK. This will be achieved by ensuring that surplus revenues from the Olympic Games are designated for exactly these purposes.”
During the 2012 Olympic Games, BOA is going through financial crisis and working hard to raise money in the support of Team GB. According to a statement, “The IOC was asked to reach a final and binding decision on how the surplus of the Games should be defined.”

The statement further quoted, “Having studied the documents and the past recent history of the Games bidding process, we have decided that the word 'surplus' clearly represents the financial results from the staging of the Olympic Games and the Paralympic Games combined. The IOC would like to see a swift resolution to this dispute - to allow all parties to concentrate on delivering what will be outstanding Games in London next year.”

Lord Sebastian Coe, chairman of LOCOG issued a statement, “This is a narrow technical point which does not affect the staging of the Games next year nor the preparations of the British athletes. We are pleased that the IOC has ruled on this technical point confirming we should continue to determine any surplus on the basis of combined costs and revenues from both the Olympic and Paralympic Games. Now this is settled we look forward to moving ahead together with the BOA to realise our shared vision of hosting a spectacular Olympic and Paralympic Games.”

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