IOC REACHES AGREEMENT WITH THE AUSTRALIAN OLYMPIC COMMITTEE ON BUDGET
Lausanne, 2nd February 2000 - The International Olympic Committee has reached an agreement in principle with the Australian Olympic Committee to each forgo AU$11 million from their respective share of the SOCOG budgeted surplus. This agreement is conditional on the NSW government agreeing to forgo its own budgeted surplus of AU$30 million from the Sydney Games.
The arrangement will alleviate SOCOG’s budget of AU$ 52 million toward reaching a balanced budget for staging the Games of the XXVII Olympiad Sydney.
“The quality of the Games has always been foremost in our minds.” said Jacques Rogge, Chairman of the IOC Co-ordination commission for Sydney, “It is proper that any consideration of profit distribution should be dealt with after the Games. We are very pleased that all parties have reached this agreement in support of SOCOG’s efforts toward staging high quality Olympic Games.”
Separately the IOC and the AOC agreed to cooperate in the pursuit of post-Games national merchandising opportunities.