The fate of the 1984 Olympic Games has finally been settled. After months of wrangling?
GV International Olympic Committee Headquarters building in Lausanne with Olympic flag flying outside (2 shots)
LV INTERIOR Officials from IOC and los Angeles at table signing contract, ZOOM IN TO Court Jean de Beaumont of France signing PAN TO President of the United States Olympic Committee, mr. Bob Kane, signing
CU Kane signing document and exchanging documents
CU Count de Beaumont signing (2 shots)
The two U.S. bodies have agreed to share financial responsibility for the 1984 Olympic Games and they have established a fifty million (US) dollars indemnity fund. The fund will be financed mainly from the sale of television rights, merchandising rights and ticket sales. The city of Los Angeles has been absolved from all financial responsibility for the Games.
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Background: The fate of the 1984 Olympic Games has finally been settled. After months of wrangling over financial liability, an Olympic organisation from the United States city of Los Angeles has decided to take responsibility for mounting the Games. The International Olympic Committee originally said January the twenty-ninth this year was the deadline for conclusion of the agreement. But they had to postpone the signing ceremony because of a dispute between the Los Angeles organisers of the Games and the United States Olympic Committee over financial responsibility.
SYNOPSIS: The deal was finally settled in Lausanne, Switzerland, at the International Olympic Committee.
Count Jean de Beaumont of France -- who signed on behalf of the IOC -- described the conclusion of the contract as a great success, the culmination of Patient and lengthy negotiations.
Other signatories of the three-sided accord were Bob Kane, President of the U.S. Olympic Committee, and Rodney Rood -- vice president of a private organising committee from Los Angeles, which will stage the games.