AP Source: USOC to receive fixed amount in deal with LA

LIMA, Peru (AP) -- A person familiar with the negotiations tells The Associated Press that the U.S. Olympic Committee and Los Angeles 2028 Olympic organizers have agreed to a revenue-sharing deal in which the USOC will receive a fixed amount over eight years instead of the 20 percent cut of gross revenues that had been agreed upon in the 2024 contract.

The joint marketing agreement had to be reworked when Los Angeles agreed to host the 2028 Games, with Paris staging the 2024 Olympics. The International Olympic Committee will officially name the host cities Wednesday.

The AP learned specifics of the agreement from a person familiar with the negotiations who did not want to be identified because the details have not been made public. The IOC has not officially approved the new deal but in its report on the 2028 bid, it said it had "no major concerns" with the agreement.