2012 Olympics cash row is resolved

The "embarrassing" cash dispute that was threatening to overshadow the London 2012 Olympics has been resolved.

The British Olympic Association (BOA) have abandoned legal action against London 2012 organisers after being forced to accept defeat over the major issue of whether the cost of staging the Paralympics should be taken into account in calculating any surplus of the Games.



In return, as part of the settlement agreement signed by both parties, and the Games organising committee LOCOG will waive rights to royalties on two items of Team GB merchandise and will allow the BOA to buy extra Olympic Games tickets.



The dispute has called into question the handling of the situation by BOA chairman Colin Moynihan and chief executive Andy Hunt, who had been suspended from the London 2012 board after rejecting an IOC ruling and taking the case to the Court of Arbitration for Sport.



London 2012 chief executive Paul Deighton said: "I am glad this issue has been put behind us and we can all get on with delivering Games next year that will make this country proud. I would like to thank Andy [Hunt] and his team for creating the right environment for us to reach this settlement."



The settlement confirms all previous financial arrangements between the two organisations with the only new details relating to the waiving of royalties and the extra tickets, which will be used by the BOA as part of their Team 2012 appeal and for a number of former athletes who have competed at the Olympics.



London 2012 will also "pro-actively support" the BOA's efforts to secure sponsors and other commercial partners for the 2013-2016 period.



A statement said the agreement has been welcomed by the IOC and "also brings to an end the request for arbitration that had been filed by the BOA with the Court of Arbitration for Sport (CAS) to resolve a contractual dispute with LOCOG".



Hunt added: "We appreciate the spirit of partnership and cooperation that LOCOG brought to our discussions. With this matter now resolved, the BOA will be able to keep its attention focused entirely on our preparations to support Team GB at the Games."



London 2012's board have agreed "in principle" to lift the suspension against Moynihan and Hunt and will formally decide to do so before the next board meeting in May.



The BOA first suspended their legal action against London 2012 two weeks ago when fresh talks were opened. It followed a period where they had come under intense pressure from the IOC and the Government over their stance.



Olympics minister Hugh Robertson called the dispute "an embarrassment" and IOC president Jacques Rogge was understood to be furious that the BOA went ahead with a court submission after the international body had ruled against them.



The row centred on the money the BOA wanted from London 2012. They are due 20% of any surplus after the Games but have claimed the cost of staging the Paralympics should not be taken into account when calculating that surplus.



News
peopleHere's what Stephen Fry would say
News
i100
Sport
Serena Williams holds the Australian Open title
sportAustralia Open 2015 final report
Sport
Remy Cabella celebrates his goal against Hull
footballLive: All the latest from today's Premier League matches
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

Isis hostage crisis: The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power

Isis hostage crisis

The prisoner swap has only one purpose for the militants - recognition its Islamic State exists and that foreign nations acknowledge its power, says Robert Fisk
Missing salvage expert who found $50m of sunken treasure before disappearing, tracked down at last

The runaway buccaneers and the ship full of gold

Salvage expert Tommy Thompson found sunken treasure worth millions. Then he vanished... until now
Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Homeless Veterans appeal: ‘If you’re hard on the world you are hard on yourself’

Maverick artist Grayson Perry backs our campaign
Assisted Dying Bill: I want to be able to decide about my own death - I want to have control of my life

Assisted Dying Bill: 'I want control of my life'

This week the Assisted Dying Bill is debated in the Lords. Virginia Ironside, who has already made plans for her own self-deliverance, argues that it's time we allowed people a humane, compassionate death
Move over, kale - cabbage is the new rising star

Cabbage is king again

Sophie Morris banishes thoughts of soggy school dinners and turns over a new leaf
11 best winter skin treats

Give your moisturiser a helping hand: 11 best winter skin treats

Get an extra boost of nourishment from one of these hard-working products
Paul Scholes column: The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him

Paul Scholes column

The more Jose Mourinho attempts to influence match officials, the more they are likely to ignore him
Frank Warren column: No cigar, but pots of money: here come the Cubans

Frank Warren's Ringside

No cigar, but pots of money: here come the Cubans
Isis hostage crisis: Militant group stands strong as its numerous enemies fail to find a common plan to defeat it

Isis stands strong as its numerous enemies fail to find a common plan to defeat it

The jihadis are being squeezed militarily and economically, but there is no sign of an implosion, says Patrick Cockburn
Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action

Virtual reality: Seeing is believing

Virtual reality thrusts viewers into the frontline of global events - and puts film-goers at the heart of the action
Homeless Veterans appeal: MP says Coalition ‘not doing enough’

Homeless Veterans appeal

MP says Coalition ‘not doing enough’ to help
Larry David, Steve Coogan and other comedians share stories of depression in new documentary

Comedians share stories of depression

The director of the new documentary, Kevin Pollak, tells Jessica Barrett how he got them to talk
Has The Archers lost the plot with it's spicy storylines?

Has The Archers lost the plot?

A growing number of listeners are voicing their discontent over the rural soap's spicy storylines; so loudly that even the BBC's director-general seems worried, says Simon Kelner
English Heritage adds 14 post-war office buildings to its protected lists

14 office buildings added to protected lists

Christopher Beanland explores the underrated appeal of these palaces of pen-pushing
Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Human skull discovery in Israel proves humans lived side-by-side with Neanderthals

Scientists unearthed the cranial fragments from Manot Cave in West Galilee