Colorado

Sep 9, 2010 2:26 PM by Bea Karnes, News First 5

USOC, IOC reach $18M agreement

U.S. and International Olympic leaders have reached an $18 million agreement on a key financial issue that has divided the two organizations for years.

The Colorado Springs-based USOC and IOC announced Thursday morning that they had reached an accord on a "significant financial contribution" from the American body to resolve the dispute over administrative costs of staging the games.

The deal clears the way for the two sides to open negotiations on a more substantial long-term revenue-sharing agreement.

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