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Report: USOC, BMW agree to $24M deal

The U.S. Olympic Committee has reached an agreement on a sponsorship deal with BMW worth about $24 million, a person familiar with the contract told The Associated Press on Monday.

The person, who spoke on condition of anonymity because the deal has not been publicly announced yet, says the contract will run through the 2016 Games, and the USOC will receive cash.

The Sports Business Journal first reported the contract Monday.

BMW will be the first foreign automaker to sponsor the USOC and will fill a void left when General Motors decided not to renew its sponsorship following the 2008 Olympics.