Richard Carrión, chairman of the IOC’s Finance Commission, told insidethegames that negotiations on the matter were ongoing.
 

“I think we can probably get back half of that,” Carrión said.
 

The disclosure should help to reassure IOC members about the strength of the body’s financial position as they prepare to head next week for the Danish capital Copenhagen for nine days of meetings.
 

A financial presentation is scheduled for October 8.
 

Carrión also revealed that the value of the IOC’s overall investment portfolio stood at $445 million (£278 million) as of August 31.
 

It emerged last year that the IOC had exposure to Madoff, a New York money manager who was subsequently sentenced to 150 years in prison for masterminding a massive fraud.
 

In spite of that setback and the challenging current investment climate, the IOC’s finances have strengthened markedly during the first eight years of Jacques Rogge’s Presidency.
 

This has stemmed from Rogge’s realisation in 2001 that if the Games were not held for whatever reason, the IOC would have what he once termed “serious problems surviving”.
 

Over the following three years, the IOC’s reserves jumped from $98 million (£61 million) to $240 million (£150 million), leading Rogge to state in 2005: “Financially, we are safe”.
 

Since the Athens Olympics in 2004, the organisation has also taken out insurance aimed at allowing the Movement to maintain operations should the Games not take place.
 

The insurance policy for last year’s Beijing Olympics ensured a total coverage of $415 million (£260 million).

Contact the writer of this story at [email protected].


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