USOC Sweetens Pot in Olympic Bid
DENVER (AP) — The U.S. Olympic Committee made a $10 million payment to the International Olympic Committee last year, money designed in part to give the country a better chance of hosting an Olympics someday.
The money was part of the more than $257 million spent last year by the USOC, which is hoping to secure the 2024 Summer Games for Los Angeles. The additional payment is for “International Games Cost Sharing” for the Rio de Janeiro Games and was part of a complex negotiation in which the USOC gave up millions to get back into the bidding game after years of embarrassing rejections.
The USOC also paid $5 million in 2014 to offset expenses at the Sochi Games. The overall tab will rise to $20 million per Olympic cycle starting in 2020.
USOC chairman Larry Probst said, “We hope this has removed a road block from a successful bid for the United States.” Probst agreed to the deal five years ago.