IOC’s sets up anti-terrorism fund

The fear of terrorism wrecking future Olympic games has forced the International Olympic Committee (IOC) to set up a special multi-million dollar contingency fund.

The fund would allow the IOC to keep functioning if Games revenues failed to materialise. “International terrorism poses certain risks. Armed conflict and problems of the economic crisis may all have an effect on the staging and quality of the games,” IOC president Jacques Rogge told the 114th IOC session which opened here yesterday.

“That is why we need to increase financial reserves to allow us to function if the Games are not allowed to take place or are badly organised,” added Rogge. The IOC already has financial reserves of $140 million but Rogge said that an extra $52 million would be raised for the contingency fund. Financial director Thierry Sprunger said the IOC needed $192 million to be able to run for four years with an Olympic Games income.