The United States Olympic and Paralympic Committee (USOPC) could sell a stake in commercial rights for Team USA to private investors.
In a statement, the USOPC said it is “evaluating a range of commercial models to generate greater resources in support of its mission”.
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They involve the establishment of a new company called United States Olympic and Paralympic Ventures (USOPV).
It comes as the US prepares to host both the Los Angeles Summer Games in 2028 and 2034 Winter Games in Utah.
USOPC currently has a commercial partnership with the LA 2028 Organising Committee as part of a deal that will expire after the Games.
But as first reported by Sky News and Reuters, the organisation has been in talks about various options.
According to USOPC board minutes, it has had “encouraging feedback from preliminary discussions with potential investment and strategic partners [who] generally validated the vision for the USOPV and strategic rationale underlying the initiative”.
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In a statement, USOPC, a non-profit organisation, said: “The next decade represents an unprecedented opportunity for Team USA and the US Olympic and Paralympic Movement.
“As part of our responsibility to maximise that opportunity for the athletes and NGBs (national governing bodies) we serve, the USOPC is evaluating a range of commercial models to generate greater resources in support of its mission.
“We’ve been in ongoing conversation with athlete and NGB leaders during this process, and that will continue. Any path forward will preserve the USOPC’s mission, governance, leadership and commitment to Team USA athletes.
“This is a moment of real momentum for Team USA. With LA28 and Utah 2034 on home soil, and Team USA’s commercial rights returning to the USOPC after the LA28 Games, we’re building the capabilities to better grow and support the movement for generations ahead.”
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Asked if it is open to investment from private equity, institutional capital or sovereign wealth funds, USOPC chief executive Sarah Hirschland told Sportico: “Our responsibility is to look at all of our options, and I would say we are doing that.”
The news comes with the world of football bitterly divided over Fifa president Gianni Infantino’s failed plan to sell stakes in the World Cup to private investors, sparking a major backlash.
Asked if the USOPC’s bid to seek outside investment would be more successful, Hirschland said: “Our support for Team USA athletes and our national governing bodies is at the centre of our motivation and will remain at the centre of our motivation from start to finish. This is about growing the overall revenue pie for the constituencies that we serve.”
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: Sports.yahoo.com
