New row over funds for London Olympic Games 07/08/2009 |
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The head of the British Olympic Association has attacked the "horrible constraints" imposed by the organisation's £30 million joint marketing agreement with the organisers of the London 2012 Games.
Andy Hunt, chief executive of the BOA, believes the agreement struck with the London organising committee (LOCOG) in 2005 has left his organisation with a financial headache. It has effectively signed away most of its rights to strike deals with sponsors.
Although the BOA insists Hunt was not attacking LOCOG, his remarks highlight his frustration.
Hunt said: "I am horribly constrained. I describe it as my hands are handcuffed behind my back.
"They are then tied with bailing twine over the top of my head. And then I'm bound in a straitjacket, put in a metal cage and it's called the joint marketing programme agreement with LOCOG.
"It was done before I got there and it is horribly constraining."
The BOA made a £1.5 million pre-tax loss in 2008 and chairman Lord Moynihan admitted in June that the LOCOG agreement "was not a good deal".
LOCOG said it had renegotiated parts of the deal, leading to an increase in income to the BOA and British Paralympic Association, but it is loath to hand over much more of its own cash. It did also provide a £2 million advance for the BOA earlier this year.
A LOCOG spokeswoman said: "The model we have adopted is the one recommended by the IOC and looks at the historic revenue of the national Olympic committee to ensure that they are not out of pocket.
"LOCOG has renegotiated elements of the BOA and BPA agreement over the last 12 months which has seen increased payments.
"We believe the agreement represents good value."
(Source: Telegraph.co.uk)
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