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IOC, USOC finalize revenue deal

Updated: May 24, 2012, 4:36 PM ET
Associated Press

QUEBEC CITY -- International and U.S. Olympic leaders finalized a new revenue-sharing agreement Thursday that ends years of acrimony between the powerful bodies and clears the way for future American bids for the Games.

After years of protracted negotiations, the two sides signed a long-term agreement that will reduce the USOC's future percentage share of TV and marketing revenues -- a breakthrough that helps bring the U.S. back into the international fold.

"This is a very happy moment," ...

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