London Olympics organisers and BOA embroiled in cash rowMarch 10th, 2011 - 1:39 pm ICT by ANI
London, Mar 10 (ANI): London Olympics 2012 organisers (LOCOG) has hit back at the British Olympic Association (BOA) in an increasingly bitter row over cash, calling its complaints “sad”.
An embarrassing cash row has broken out between the British Olympic Association and LOCOG with the International Olympic Committee having to step in.
The dispute between the BOA and LOCOG has become a seven-year squabble over hard cash. Now the BOA has asked the IOC to decide matters, the Daily Express reports.
BOA chaired by Lord Moynihan believes that it was short-changed when it sold marketing rights to next year’s Games to LOCOG for 28 million pounds in 2004.
The BOA now wants LOCOG to compensate for that by providing a large cut of the profits from the event.
LOCOG attacked the BOA’s leadership on Wednesday, claiming that they are abandoning the original vision of staging the Olympic and Paralympics as “one festival of sport”.
The IOC will now rule on the row, which centres on the cut the BOA would receive from any surplus cash left over after the Games.
The BOA are due to receive 20 per cent but claim that the cost of staging the Paralympics should not be taken into account when calculating the surplus. (ANI)
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Tags: bitter row, boa, british olympic association, international olympic committee, ioc, leadership, locog, london olympics 2012, lord moynihan, olympics, organisers, original vision, paralympics, profits, s games, squabble, surplus cash