By Karolos Grohmann

DUBAI (Reuters) - The 28 Summer Olympic sports federations, feeling the squeeze from the global economic downturn, decided on Tuesday to review the way broadcast revenue from the Games are distributed.

Federations taking part in London 2012 will share around $375 million from the International Olympic Committee's (IOC) TV deals.

Athletics will get the biggest share with $35 million. Soccer, swimming, basketball, cycling, gymnastics, tennis and volleyball, ranked in group two, can expect about $18 million each.

Sports chiefs voted on Tuesday to alter the system after the London Olympics to make it more representative but some federations had argued that a revision was needed immediately.

The IOC distributes the broadcast revenue from Olympic TV deals to the 28 sports, placed in four groups. Federations in the two lower groups are allocated $13 million and $11 million respectively.

"The share of TV revenues ... needs to be reviewed now, not in two years," international swimming federation (FINA) chief Julio Maglione told a meeting of the 28 sports.


"The current distribution does not reflect ... the changes in market appeal and changes in sport."

Swimming is among the most watched sports at the Games.

Boxing chief Ching Kuo Wu had also asked for an immediate revision, as did handball and table tennis bosses.

The IOC has secured a record total of $3.8 billion from broadcast rights for the Winter Olympics in Vancouver that took place in February and for London 2012.

"I said last year that if our finances are comfortable we would give that (windfall) to the other federations," FIFA chief Sepp Blatter told Reuters. "That is exactly what we will do now."

Federations will receive more money for London 2012 compared to Beijing 2008 as there are only 26 sports on the program instead of 28.

Softball and baseball were voted off for London, with golf and rugby replacing them at the 2016 Olympics.

(Editing by Tony Jimenez)