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IOC signs US$14b of deals in 17 months

[KUALA LUMPUR] The International Olympic Committee (IOC) has signed US$14 billion in deals since the Sochi Winter Olympics last year, a spokesman said Tuesday highlighting the sports body's financial strength.

Eighteen contracts signed in the past 17 months include 13 broadcast deals, one for US$7.65 billion with US broadcaster NBC television to show the Olympics in the United States up to 2032.

Discovery Communications of the United States bought the 2018-2024 broadcasting rights for most of Europe for US$1.45 billion.

The IOC has also signed up Bridgestone and Toyota as top level sponsors and renewed existing accords with Atos, Panasonic and Samsung.

IOC spokesman Mark Adams said the deals "represent a significant contribution to the long-term financial stability of the Olympic movement up to 2032.

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"The establishment of this strong and stable financial foundation allows the IOC to redistribute more than 90 per cent of its revenues to support athletes and sport around the world - the equivalent of 3.25 million dollars a day, every day of the year," Mr Adams added.

AFP

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