The International Olympic Committee and the United States Olympic Committee announced a new 20-year revenue- sharing agreement that will be enacted in 2020.
"The USOC is an absolutely crucial pillar in the Olympic Movement," said IOC President Jacques Rogge. "This agreement lays a cornerstone, which will provide the foundations for the continued growth of the movement and our shared values, not just in the United States but around the world.
The agreement will govern the financial relationship between the two sides, and will restructure how TOP sponsorship and the U.S. television revenues are shared and it also provides for USOC contributions to the IOC's administrative costs associated with the Olympic games.
"I would like to thank President Rogge and his colleagues at the IOC who worked so diligently over the course of the last year and a half to find a solution that works for all parties," said USOC Chairman Larry Probst. "I can confidently say that we've accomplished that goal and have set the stage for a much more collaborative relationship going forward."
The agreement was reached six months prior to the date that negotiations were originally scheduled to begin.
"This agreement demonstrates the commitment of the United States and the USOC to the worldwide Olympic Movement," said USOC CEO Scott Blackmun. "We look forward to working with the IOC, our fellow National Olympic Committees, the International Federations and our National Governing Bodies to strengthen the Olympic Movement and enhance the resources available for athletes around the globe."