Buenos Aires: The finances of the International Olympic Committee (IOC) are healthy enough for the organisation to be able to afford the cancellation for whatever reason of an Olympic Games, outgoing president Jacques Rogge said on Sunday.
The 71-year-old Belgian -- who steps down on Tuesday after a largely successful 12 year reign -- told the IOC members assembled in Buenos Aires the organisation`s financial reserves had grown almost ninefold since he succeeded Juan Antonio Samaranch in 2001.
"The IOC would not be able to support sport and sports structures without major financial solidity," he said.
"Since December 31, 2001, the Olympic Foundation, our reserve, has seen its assets grow from USD 105 million to USD 901 million as of December 31, 2012.
"This reserve, linked with a Games cancellation insurance policy, assures the continued functioning of the IOC in the event of a major Games crisis.
"We have reached a new agreement with the USOC that replaces the old one signed in 1995. The new agreement was unanimously approved by the Executive Board and is a win-win situation for both parties.
"This financial solidity is due to the success of sponsorship revenue and television rights."