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Hancock Financial gets report on USOC and its money

Updated: February 15, 2003, 2:50 AM ET
Associated Press

DENVER -- U.S. Olympic Committee chief executive Lloyd Ward defended his troubled organization's spending to a top sponsor and vowed to make it more efficient.

In a letter to David D'Alessandro, chief executive of John Hancock Financial Services, Ward said the USOC was working on a plan to reshape its operations to help sponsors get a better return on their investments.

The letter was accompanied by a report that summarized the USOC's structure and financial status.

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