He said: "If we had thought about how to make a lot of money we would have chosen Chicago.

"Money is not what drives IOC members when it comes to choosing a host city."

Rio won last Friday's vote with Chicago, despite the support of President Barack Obama, who flew in specially to be part of the United States delegation, eliminated in the first round of voting, polling only 18 votes out of 94.

The decision to award the Olympics to Rio was hailed as a landmark moment in the history of the Games as it will be the first time they have been held in South America.

Rogge said:  "It is clear that the IOC in its choice has not chosen for the big money."

Rogge said while the IOC's choice was not financially motivated, he did not expect it to be a loss-making operation.
 

 

The IOC gets more than half its revenue from broadcasting deals, and US deals alone have been worth more than the rest of the world's broadcasters combined.

NBC paid $2.2 billion (£1.3 billion) for the 2010 Vancouver Olympics and 2012 London Games, and American networks were expected to bid for combined rights to the 2014 Sochi Winter Olympics and a potential 2016 Chicago Games.

Richard Carrion, the chairman of the IOC's Finance Commission, has already admitted that by choosing Rio to stage the Olympics the television deal will be worth less.

Rogge, though, said he believes the damage will be limited.

He said: "I don't think personally that this will be a significant diminishment of the revenues.

"But, wait and see."


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