Officials for South Korea`s 2018 Winter Olympics bid have accepted an International Olympic Committee (IOC) warning over a sponsorship deal that represented a conflict of interest and said it was time to move on.
"We are aware of the decision taken by Korean Air to delay their sponsorship of the International Skating Union until after the Host City decision on the 2018 Winter Olympic and Paralympic Games," the Pyeongchang bid said in a statement on Thursday.
"We appreciate the logic of this decision at this time which has also been conveyed to the IOC. We believe that this matter is now closed and we can all move forward into the next phase of the 2018 bid campaign."
On Wednesday, the IOC forced Korean Air, a partner of the Pyeongchang 2018 bid committee, to delay signing a deal with the ISU after ruling it represented a conflict of interest for the northeastern city`s bid.
It also warned South Korean bid leaders to abide by the rules.
"Pyeongchang 2018 has always been and continues to remain committed to complying with all IOC rules and regulations," the South Koreans said.
Germany`s Munich and France`s Annecy are the other cities bidding to host the Games with the winner to be announced at an IOC Session in Durban, South Africa on July 6, 2011.