Olympics-IOC finances booming, reserves close to $1.3 billion: Rogge
BUENOS AIRES (REUTERS)- The International Olympic Committee's financial reserves edged close to US$1 billion (S$1.3 billion) in 2012 up from just US$105 million when outgoing president Jacques Rogge took over 12 years ago, he said in his final report on Sunday.
Mr Rogge, who succeeded Spaniard Juan Antonio Samaranch in 2001 and is stepping down on Tuesday, has overseen an unprecedented financial growth within his organisation despite the economic turmoil of recent years.
He said the IOC's finances were boosted by steadily growing revenues from broadcast and sponsorship deals.
"Since 31 December 2001 our reserve has seen its assets grow from US$105 million to US$901 million at December 31, 2012," Mr Rogge told the IOC session in the Argentine capital.