IOC take out £100m insurance

Olympic bosses announced today that they had taken out an unprecedented £100million cancellation insurance policy for this summer's Athens Games.

With increasing concern about a possible terrorist attack at the Games in August, the International Olympic Committee announced they had struck a deal with an insurance syndicate which will cover the Games being called off for the first ever time because of terrorism, an earthquake or epidemic.

Officials refused to identify the syndicate or give details of the premiums involved.

But in an interview with Standard Sport, IOC president Jacques Rogge admitted the Athens Games face the toughest security challenge in the 108-year history of the Olympics.

Rogge revealed that the IOC have been looking for insurance to cover the Games since before the 11 September attacks in 2001.

He said: "This is the most challenging Games in terms of security.

"We are living in a different world. The IOC cannot have a prudent management without securing its financial means. We wanted to go to Athens and other Games with insurance.

"We will also do it for the 2006 Turin Winter Games and for the 2008 Summer Games in Beijing."