London 2012 Olympic venue

SKYNEWS

The British Olympic Association Chairman and Chief Executive have been suspended from London 2012 board meetings because of an argument over funding, reports SkyNews.

Lord Moynihan and Andy Hunt have been excluded from board meetings whilst they are involved in pursuing a dispute against the London Organising Committee of the Olympic Games (LOCOG)
Sky's Olympic correspondent, Orla Chennaoui confirmed that both men will remain directors of LOCOG but they simply "won't be involved in any board decisions."

"This goes back to an ongoing dispute between the British Olympic Association (BOC) and LOCOG - a very embarrassing and high profile dispute over revenues from the London 2012 games.

"The BOC is originally supposed to get 20% of any left over revenue from the London 2012 games from LOCOG.
"The dispute is over whether that 20% comes from the Olympic Games or whether it is after the Paralympic Games," she said.
The BOC want to have their 20% after the games are finished so none of the money that they could get their hands on would be used in effect to stage the Paralympic Games.

This goes against an agreement that had already been signed once London had been awarded the games.
LOCOG say that the originally signed document should stand but the BOA say they should get 20 percent, which would mean they could invest it in future sport development in the country.

Critics of the BOA say they have miss-managed their finances and are in financial difficulties, which is why they are seeking to change the agreement.

The International Olympic Committee ruled in favour of LOCOG saying that the money should go towards the Paralympic Games and then be divided as originally agreed.

But the BOA has decided to bypass that to the Court of Arbitration for sport, to have them decide where the money will go.
LOCOG has stressed when or if the dispute is resolved Lord Moynihan and Hunt will be allowed back into the board meetings.