New talks planned in London 2012 Games financial row

Apr 6, 2011, 13:14 GMT

London - The British Olympic Association and the London 2012 organizing committee have agreed new talks aimed at ending a financial dispute which is overshadowing preparations for the Games.

It comes after the BOA suspended its appeal to the Court of Arbitration for Sport in a row over how any surplus from the London Games be divided.

A spokeswoman for the organizing committee told the BBC Wednesday: 'We have always said our door is open if the BOA wants to talk.

'We can confirm the BOA has asked us to meet to discuss an offer it would like to put on the table.'

London organizing chairman Sebastian Coe said negotiations to reach a settlement were set to resume later this week.

'They will be meeting us at the end of the week with a proposal and our door has always been open,' he said.

The new development comes as the International Olympic Committee executive board meets in London.

Last month, the IOC rejected the BOA's argument that it should receive its share of any cash surplus generated by the London 2012 Games before the Paralympics.

The cash-strapped BOA is entitled to a 20-per-cent share of any surplus from the Games under a joint marketing agreement signed in 2005, but insists this should not cover the Paralympics which it is feared could make a loss.

BOA communications director Darryl Seibel said it had decided to suspend the case before sport's court of arbitration based in Lausanne, Switzerland. It had requested a meeting with organizing committee LOCOG with the aim of 'working together towards a resolution.'

He added: 'It has been our desire all along to resolve this outside the legal process and we are pleased to have this opportunity with LOCOG.'

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