The Olympic Council of Ireland (OCI) has terminated its relationship with controversial ticketing agency THG, following a mediation process.
In a statement, the OCI has said it has reached an agreement to terminate the contracts which tied the sides up until 2026, on foot of a deal done by ex-President Pat Hickey.
The deal to terminate was overseen by former Supreme Court Judge Joseph Finnegan.
“Following a mediation carried out by former Supreme Court Judge Mr Justice Finnegan, THG and the Olympic Council of Ireland (“OCI”) wish to announce that they have reached an agreement to terminate the contracts agreed between the parties in 2016 that relate to the 2018-2026 Olympic Games,” the statement says.
The OCI says it accepts that these contracts were enforceable as between the parties and that THG fully intended performing its contractual obligations.
“Both parties agreed that with THG reducing its business activities in Ireland that this would be the most appropriate course of action in the interests of Irish athletes and the wider Irish public,” the statement adds.
“THG has been the OCI’s most significant commercial partner since coming on board in 2010. The OCI wishes to acknowledge THG’s willingness to reach an amicable resolution in this matter,” it concludes.