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A resolution to end a long-standing revenue-sharing contract between the U.S. Olympic Committee and the IOC was presented to Olympic chief Jacques Rogge on Wednesday, raising the prospect of a revised deal.

Olympic official Denis Oswald, one of the outspoken hardliners pressing for a new agreement, said the resolution was welcomed by Rogge and would be discussed during IOC executive board meetings this week.

"The president gave his own evaluation of the situation, saying that the contract was signed in 1996 and at that time most income was coming from U.S. companies and television but the situation has changed and the contract is no longer acceptable," Oswald told reporters on Wednesday.

"That exactly reflects our position."

Oswald was re-elected president of the powerful Association of Summer Olympic International Federations (ASOIF) at the SportAccord convention on Tuesday.

"He (Rogge) said, nobody questions that the U.S. market is the most important market and the position of the USOC is a different one from the other (national committees) and it should get more money than the other ones," Oswald added.

"But not as much as they get now."

SHARE WEALTH

Senior International Olympic Committee (IOC) officials argue that the USOC receives more than its fair share from global marketing contracts and U.S. broadcasting revenues and are seeking a fairer distribution of the Olympic wealth.

The USOC maintains it is entitled to a larger share since it maintains American television rights and sponsors that keep Olympic coffers flush with cash, providing the IOC with over 50 percent of its revenues.

Frustrations over stalled negotiations reached boiling point on Tuesday with some angry IOC members accusing the USOC of stalling tactics.

Calmer heads prevailed on Wednesday, with Oswald confirming the two sides were trying to schedule a series of meetings.

"The comments made by the federations yesterday indicated the federations have lost patience after four years without any progress and we really want things to move," Oswald said. "We don't to have confrontation.

"We want to discuss, we want to meet, but we have problem with different dates and the fact that it was not possible to meet was not a show of good will.

"That's the way we perceived it.

"It's why yesterday we had to push a bit but we are willing to sit together to discuss and find solution. It's in the interest of both parties to have an amicable solution."

(Source: Reuters)