IOA RIL Sponsorship Deal Loss Update; PT Usha | CAG Report | Indian Olympic Association incurred losses for itself?: Claim in CAG report; Should have received Rs 59 crore from Reliance, took Rs 35 crore

The Indian Olympic Association (IOA) has been accused of causing its own losses. The allegation comes from the CAG report. IOA had signed a sponsorship deal with Reliance for 10 mega events to be held from 2022 to 2030.

These mega events include two Summer Olympics (2024 and 2028), two Asian Games (2022 and 2026), two Commonwealth Games (2022 and 2026) as well as two Winter Olympics (2026 and 2030) and two Youth Olympics (2026 and 2030). ) Are included. According to CAG, IOA should have received Rs 59 crore for the entire deal, but it got only Rs 35 crore.

IOA had sold the sponsorship rights to RIL in 2022.

Know how the loss happened in the eyes of CAG The report says…when the deal with Reliance was finalized in 2022, two Winter Olympics and two Youth Olympics were not included in it. Then IOA had finalized the deal for 6 mega events for Rs 35 crore. An amount of about Rs 6 crore was fixed for one event.

The deal has been extended for four more events in 2023, but no additional money has been charged for this. Rs. 6-6 crore more should have been given for each of these. That means Rs 24 crore more should have been received. It did not happen. IOA took only Rs 35 crore instead of Rs 59. CAG has sought reply from IOA President PT Usha on this matter.

CAG has sought reply from IOA President PT Usha.

IOA said- 4 extra events given to Reliance as compensation IOA officer Ajay Kumar Narang has presented the association’s side on this matter. He said the agreement had to be renegotiated due to an error in the tender. It was written in the agreement that the main sponsor would be able to build India House during the Olympics and keep its name after itself. That means the name of India House would have been Reliance India House. But later the International Olympic Committee (IOC) changed the rules. There was a ban on using the sponsor’s name along with the name of a country’s house.

Reliance had signed an agreement for 6 events for Rs 35 crore so that it could use its name with India House. When this right was taken away, Reliance asked for compensation. As part of this compensation, he was given four more extra events. These include two Winter Olympic Games and two Youth Olympic Games.

Narang said- It should also be seen that the popularity of Winter Olympics and Youth Olympics is not much in India. Therefore, the sponsorship amount of these events cannot be as much as the Summer Olympics or Asian Games.

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