Olympics-IOC must be realistic to survive credit crisis - Rogge

By Karolos Grohmann

LAUSANNE, Switzerland, Dec 11 (Reuters) - The International Olympic Committee will be able to sustain any blows from the global financial crisis but will need to be realistic and flexible, President Jacques Rogge said on Thursday.

The IOC recently ended a half-century partnership with the European Broadcasting Union over the Games' broadcasting rights for the 2014-2016 Games, saying other bidders were offering more money.

It has also delayed awarding the U.S. TV rights for the 2014/16 Games package until financial conditions improve to get a better deal.

"The IOC is in a position to weather the storm but we have to be realistic and flexible... and be ready for anything that might come," Rogge told reporters at the end of an Executive Board meeting. "We are in a mode for lean Games."

He said the end of the partnership with the EBU, which accused the IOC of having surprisingly high financial expectations, was dictated by market conditions.

"The reality is that there were companies in the market that have given more money than the EBU has done at this stage," he said. "It appeared the EBU was not the highest bidder."

"The IOC is doing exactly what UEFA and FIFA is doing and maybe there is a new landscape in Europe," he said.

BETTER ECONOMIC CLIMATE

He also defended the IOC's decision not to clinch a deal with U.S. broadcasters for 2014/16 Games TV rights because of the crisis.

"We are waiting for the best economic circumstances to be present to negotiate," he said.

"We can wait for as long as needed, we have a big cushion of time," he said of the deal which for the two-Games package of Vancouver 2010 and London 2012 netted some $2.2 billion.

Chicago, Tokyo, Madrid and Rio de Janeiro are in the running to host the 2016 Games with a decision set for October, 2009.

Rogge did not rule out getting a deal even after the city has been chosen, potentially improving Chicago's chances given U.S. broadcasters would be more interested in paying a higher price to broadcast home Games.

The IOC has also been locked in discussions with the U.S. Olympic Committee over its share of sponsorship and TV revenues and Rogge said he hoped a deal could be reached soon.

The IOC wants to reduce the committee's share of TV rights revenues and top sponsor income with the Americans staunchly refusing to accept any cuts.