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USOC and IOC reach agreement in financial dispute

USOC and IOC reach agreement in financial dispute

The U.S. Olympic Committee says it has reached agreement with the IOC on a key financial issue that has divided the two organizations.
The USOC announced Thursday that it has come to terms with the International Olympic Committee on a "significant financial contribution" toward the administrative costs of staging the games.
The agreement clears the way for the two sides to start negotiations on a more substantial long-term revenue-sharing agreement.
USOC chairman Larry Probst says the two bodies are now at the point where "we can begin to make significant headway on a number of issues that have been a point of contention between the USOC and the IOC."