12 Dec 2008

IOC watching Games finances

5:09 pm on 12 December 2008

The global financial crisis is hitting the Olympic Games in the pocket.

International Olympic Committee president Jacques Rogge says the Games can weather the crisis but will need to be realistic and flexible.

The committee has delayed awarding broadcasting rights for the 2016 Games in the hopes of getting better deals.

Mr Rogge says they're waiting for the best economic circumstances before they negotiate.

Chicago, Tokyo, Madrid and Rio de Janeiro are in the running to host the 2016 Games, with a decision to be made next October.