IOC finances strong and safe, says Rogge

LONDON - Revenues from selling television rights for the 2014 and 2016 Olympics are expected to exceed $4 billion, International Olympic Committee president Jacques Rogge said on Tuesday.

"The financial situation is strong and safe," Rogge told the 124th IOC session in London. "Since Dec 31, 2001 our reserves have grown from $105 million to $558 million, an increase of $453 million. This financial solidity is due to success of marketing and broadcast rights."

While TV income from the 2010 Winter Games in Vancouver and the upcoming 2012 edition in London was given at $3.9 billion, the $4-billion mark should fall for Sochi 2014 and Rio 2016.

"For the period 2014-16 we already have $3.6 billion and it should reach and exceed $4 billion," Rogge said.

The IOC has also already raked in $2.6 billion for TV rights for Pyeongchang 2018 and the 2020 Summer Games, whose host city will be elected next year.

US broadcasters NBC last year paid a record $4.38 billion for the rights until 2020, and Britain's BBC has now also signed until 2020.

Also, Olympic top sponsors are set to top $1 billion for the first time until 2016, and Rogge said that $722 million have already been generated for the period 2017-2020.

Television and TOP sponsorship deals are the main source of income for the IOC.

Despite the upbeat outlook, Rogge believed that the IOC should continue its effort to control the cost and size of the Games.

"Even if our financial situation is solid...we must still remain realistic. The IOC must ensure that it continues and intensifies the policy of controlling cost and complexity of the Games," said the 70-year-old Belgian who is scheduled to step down in 2013 after 12 years in office.

The IOC has been trying to reduce the size of the Games and capped athletes at just over 10,000 and the number of sports at 28.

The 124th IOC Session runs until Thursday, one day before the opening of the 2012 Games.